Content Directory:

· CommEx takes over more like "changing clothes"

· Binance has already withdrawn from multiple markets this year

· Major exchanges have successively withdrawn from regional markets

BlockBeats News, September 27th, according to an official announcement, Binance announced that it will sell all of its Russian business to CommEX and an agreement has been reached. In order to ensure a smooth transition for existing Russian users, the delisting process will take up to one year. All assets of existing Russian users are protected safely and reliably. Looking to the future, Binance recognizes that conducting business in Russia is incompatible with Binance's compliance strategy. Binance remains confident in the long-term growth of the global Web3 industry and will focus its efforts on more than 100 other countries where Binance operates.

CommEx takes over more like "changing clothes"

BlockBeats found that CommEX, the exchange that took over Binance's Russian business, officially launched last night. Its official Twitter account was registered in September this year. As of the time of writing, there are only 102 followers, with only one industry follower, CZ, and the only tweet was posted 20 hours ago. In addition, the number of members in the CommEX English official Telegram channel is less than 50.

Binance has withdrawn from multiple markets this year

Since the beginning of this year, Binance has been forced to withdraw from multiple markets due to regulatory pressure.

BlockBeats reported on May 13th that Binance's official account posted on social media that it will voluntarily withdraw from the Canadian market. Although the market in that region is small, it holds emotional value for Binance as the founder's home country. When Canadian users can once again freely access a wider range of digital asset suites, Binance will return to the Canadian market.

In June, according to official sources, Binance has stopped accepting new users residing in the Netherlands since June 16th. Starting from 08:00 on July 17th, 2023 Beijing time, existing Dutch resident users will only be able to withdraw assets from the Binance platform and will not be able to make further purchases, trades or deposits. Binance encourages users to take appropriate action and withdraw assets from their Binance accounts.

This afternoon, Binance co-founder He Yi released a new article on social media, responding publicly to Binance's exit from the market.

Related reading: "He Yi's Open Letter: Binance Will Eventually Win by Maintaining Competitiveness"

"It should be noted that we need to consider KYC, compliance, EDD (due diligence), WCK (risk customer check), POA (authorized representative) and other issues more strictly in the operation of Binance, while many of our competitors do not have such strict requirements."

In addition, as we have discussed before, there are certain challenges in terms of efficiency due to our large scale.

I have noticed that some employees tend to be emotional rather than rational when facing problems. However, in the past six years, we have experienced countless challenges, and this time is no exception. It is crucial to revive the team's spirit as we are facing a new round of challenges."

Major exchanges are withdrawing from regional markets one after another

Except for Binance, many cryptocurrency exchanges have announced their withdrawal from several regional markets since the beginning of this year.

On September 14th, Ben Zhou, CEO of cryptocurrency exchange Bybit, stated that new marketing rules effective on October 8th in the UK may force Bybit to exit the UK market. The new UK marketing regulations classify cryptocurrency services as a high-risk investment category for UK marketing materials, requiring all global platforms to display clear risk warnings to UK customers and have any public promotional activities approved by authorized companies.

On September 11th, Coinbase notified its customers via email that it plans to stop providing trading services to Indian users after September 25th and recommends withdrawing funds from their accounts. Meanwhile, Coinbase has already banned Indian users from registering on its trading platform.

Regarding this, Coinbase responded to Cointelegraph's inquiry, stating that their email notification "only applies to customers who violate platform standards, not all Indian customers."

From Binance to Coinbase, Bybit and other exchanges that have had layouts around the world, they are now choosing to exit the local market due to regulatory issues or choosing to "change their identity" to continue to find a way out. The game between various countries' regulations and cryptocurrency exchanges may continue.

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