Cryptocurrency exchange Binance has announced its full exit from Russia by selling its firm to a newly launched crypto exchange business known as CommEX.
Binance has entered into an agreement to sell the entirety of its Russia business to CommEX, the firm said in an announcement to Cointelegraph on Sept. 27. The exchange didn’t disclose the financial details of the deal.
To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year, the announcement reads. “All assets of existing Russian users are safe and securely protected,” Binance noted.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” Binance chief compliance officer Noah Perlman said, adding:
“We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”
Binance will ensure to provide its customers with an orderly process for the migration of users. In cooperation with CommEX, Binance will inform users how to migrate their assets to the newly created exchange.
The user migration process will allow a portion of Russian users with completed Know Your Customer checks to be immediately redirected to CommEX. Binance will gradually sunset its platform in Russia over the next several months.
“Every effort will be made to maintain a smooth user experience during this transition,” Binance stated in the announcement.
Binance CEO Changpeng Zhao also noted that holders of Binance’s native token, BNB (BNB), will “continue to enjoy” a 25% trading discount on CommEX.
Everything will be done to ensure a smooth transition. All user funds are safe!
The announcement emphasized that Binance will fully exit Russia and will have no ties with the exchange, stating:
“Unlike similar deals from international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business.”
The news comes just a day after CommEX announced its launch on Sept. 26. The platform is designed to provide cryptocurrency trading services, including spot, futures and peer-to-peer trading. The platform seems to be targeting mostly Russian users at launch, as its interface is only available in Russian and English at the time of writing.
As previously reported, Russia is apparently one of the biggest markets for Binance. According to data from SimilarWeb, Russia is the top market in terms of user visits for the website Binance.com, accounting for 6.9% of total visits at the time of writing.
Bitcoin remains on track to surpass $1.8 million by 2035 despite recent price corrections and waning investor appetite caused by ongoing global trade tensions, according to Joe Burnett, director of market research at Unchained.
Speaking during Cointelegraph’s Chainreaction live show on X, Burnett said that Bitcoin is still in a long-term bullish cycle and could potentially rival or surpass gold’s $21 trillion market capitalization within the next decade.
Despite tariff uncertainty limiting risk appetite among investors, research analysts remain optimistic about Bitcoin’s (BTC) long-term prospects for the next decade.
“When I think about where Bitcoin will be in 10 years, there are two models I admire,” Burnett said. “One is the parallel model, which suggests that Bitcoin will be about $1.8 million in 2035.” “The other is Michael Saylor’s Bitcoin 24 model, which suggests Bitcoin will be $2.1 million by 2035.”
Burnett emphasized that both are “good base cases,” adding that Bitcoin’s trajectory could exceed these predictions depending on broader macroeconomic factors.
🎙Could Bitcoin really hit $10m by Q1 2035? Perhaps.
“The automobile industry is significantly more valuable than the horse and buggy industry,” Burnett said, adding that Bitcoin’s more advanced technological properties will make it surpass the $21 trillion market capitalization of gold. He added:
“The gold market is an estimated $21 trillion market. If Bitcoin just hit $21 trillion and had Bitcoin-gold parity, Bitcoin would be $1 million per coin today.”
Since US President Donald Trump’s Jan. 20 inauguration, global markets have been under pressure due to heightened trade war fears. Hours after taking office, Trump threatened to impose sweeping import tariffs aimed at reducing the country’s trade deficit, weighing on risk sentiment across both equities and crypto.
While Bitcoin’s role as a safe-haven asset may reemerge amid ongoing trade war concerns, physical gold and tokenized gold remain the current winners.
Top tokenized gold assets, trading volume. Source: CoinGecko, Cex.io
Tariff fears led tokenized gold trading volume to surge to a two-year high this week, topping $1 billion for the first time since the US banking crisis in 2023, Cointelegraph reported on April 10.
Bitcoin’s volatility is falling during both bear and bull markets, signaling its growing maturity as an asset class.
While another 80% drawdown during future bear markets is still possible, this will act as a robust acquisition period for the “strongest” holders, Burnett said, adding:
“The highs bring [Bitcoin] attention, and the deep, dark bear markets move coins into the hands of the strongest, most convicted holders, as fast as possible.”
Arthur Hayes, co-founder of BitMEX and chief investment officer at Maelstrom, predicted Bitcoin could climb to $250,000 by the end of 2025 if the US Federal Reserve formally enters a quantitative easing cycle.
Despite the optimistic predictions, investors remain cautious and continue “rebalancing their portfolios” but are unlikely to take on significant positions in the next 90 days before markets gain more clarity on global tariff negotiations, Enmanuel Cardozo, market analyst at real-world asset tokenization platform Brickken, told Cointelegraph.
“With money flowing out of Bitcoin ETFs, investors are looking for safer spots to hold their cash right now, including strong currencies. Gold’s a traditional vehicle in these cases and a go-to when markets are uncertain,” he added.
Since the beginning of 2025, the price of gold has risen over 23%, outperforming Bitcoin, which has fallen by more than 10% year-to-date, TradingView data shows.
The US Securities and Exchange Commission (SEC) and crypto exchange Binance have asked a US federal judge for an additional two-month pause in their nearly two-year legal battle.
“Since the Court stayed this case, the Parties have been in productive discussions, including discussions concerning how the efforts of the crypto task force may impact the SEC’s claims,” both parties said in an April 11 joint status report with the US District Court for the District of Columbia.
SEC requests Binance to agree to the extension
According to the filing, the SEC requested and Binance agreed to another 60-day extension as the regulator continues to seek permission to “approve any resolution or changes to the scope of this litigation.”
“The Defendants agreed that continuing the stay is appropriate and in the interest of judicial economy,” the filing said.
The request comes not long after the SEC dropped a string of crypto-related lawsuits against crypto exchanges Coinbase, Kraken, and Gemini, as well as Robinhood and Consenys.
At the end of the 60-day period, the SEC and Binance plan to submit another joint status report. This marks the second 60-day pause the SEC and Binance have requested this year, following a previous extension granted by the judge on Feb. 11.
The recently launched crypto task force was a key reason behind the request for the second extension. Source: CourtListener
Formed just a day after Gensler resigned on Jan. 21, the task force said it aims to “help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.”
The SEC’s legal battle with Binance has dragged on for almost two years. It began in June 2023 when the agency filed a lawsuit against Binance, its US platform, and CEO Changpeng “CZ” Zhao.
The US regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault products, and its staking program.
A fast-tracked temporary crypto regulatory framework could bolster innovation within the US crypto industry while permanent regulations are still in the works, says acting US Securities and Exchange Commission (SEC) chair Mark Uyeda.
“A time-limited, conditional exemptive relief framework for registrants and non-registrants could allow for greater innovation with blockchain technology within the United States in the near term,” Uyeda said at the SEC’s April 11 Crypto Task Force roundtable titled “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.”
Relief measures may address immediate challenges
Uyeda said this might be the short-term answer as the SEC works toward a “long-term solution,” at the roundtable with SEC members and crypto industry executives, including Uniswap Labs’ Katherine Minarik, Cumberland DRW’s Chelsea Pizzola, and Coinbase’s Gregory Tusar.
He flagged state-by-state regulation of crypto trading as a concern, warning it could lead to a “patchwork of state licensing regimes.”
Uyeda said that a favorable federal regulatory framework would ease the burden for market participants wishing to offer tokenized securities and non-security crypto assets, allowing them to operate under a single SEC license instead of navigating “fifty different state licenses.”
He urged crypto market participants to share feedback on areas where “exemptive relief” could be appropriate.
Uyeda also reiterated the benefits of blockchain technology in financial markets during the roundtable discussion.
“Blockchain technology offers the potential to execute and clear securities transactions in ways that may be more efficient and reliable than current processes,” Uyeda said.
Uyeda to fill chair position until Atkins is sworn in
“Blockchains can be used to manage and mobilize collateral in tokenized form to increase capital efficiency and liquidity,” he added.
Uyeda will continue serving as acting SEC chair until US President Donald Trump’s nominee, Paul Atkins, is officially sworn in.
Uyeda has served as acting SEC chair since Jan. 20, succeeding former chair and crypto skeptic Gary Gensler. He’s been widely seen within the industry as a pro-crypto advocate.
On March 18, Cointelegraph reported that Uyea said the SEC could change or scrap a rule proposed under the Biden administration that would tighten crypto custody standards for investment advisers.
“I have asked the SEC staff to work closely with the crypto task force to consider appropriate alternatives, including its withdrawal,” Uyeda said.