Binance Exodus is gaining momentum as executives from Eastern Europe and Russia leave

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Binance wants to leave Russia? Increasing surveillance and legal challenges Related articles

Binance loses two more senior managers as the world’s largest crypto exchange considers exiting the Russian market.

Gleb Kostarev, head of Eastern Europe and the Commonwealth of Independent States, shared his goodbye message on LinkedIn today, as Vladimir Smerkis, general manager for Russia and the CIS, announced his departure in a facebook post,.

Smerkis described his two years at Binance as an “incredibly cool adventure” and expressed his gratitude to his team and colleagues.

He also promised to organize a press conference in Russia within fourteen days. “I know you and the media will have countless questions about the causes, the future, thoughts and experiences,” he said. “I will definitely share everything. We’ll do a broadcast, or maybe a meeting in Moscow to talk to you.’

The CEO of the crypto exchange, Changpeng Zhao, reacted to the departure on Twittertelling people to “ignore FUD.”

“Some of our team members are growing into bigger roles, some beyond #Binance,he said. “I even made intros/references for many of them. By the way, this also creates more growth opportunities within #Binance.”

Some of our team members grow into bigger roles, some beyond #Binance. Some are doing new exciting ventures. I even made intros/references for many of them. We support everyone. We are one community.

This also creates more growth opportunities within…

— CZ ???? Binance (@cz_binance) September 6, 2023

The dismissal follows a series of high-profile departures from top officials. They include global head of product and design Mayur Kamat, chief strategy officer Patrick Hillman, former head of compliance Steven Christie, general counsel Hon Ng and US-based chief business officer Yibo Ling.

A Wall Street Journal report citing individuals familiar with the matter said Helen Hai, who has held senior positions at Binance since 2018, has also left the company.

Binance wants to leave Russia?

The departure comes amid reports that Binance is exiting the Russian market due to increased regulatory scrutiny related to the sanctions imposed on the country after it invaded Ukraine. The exchange is exploring various options, including a complete withdrawal from the Russian market, the WSJ reported

In recent weeks, Binance restricted its Russian trading service, only allowing users to exchange digital tokens for rubles.

Increasing surveillance and legal challenges

Binance has also received a lot of criticism, including legal action by the US Securities and Exchange Commission (SEC). The exchange is currently under investigation by the Justice Department regarding money laundering controls.

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