Top Binance execs in Russia leave as firm considers exiting the market

Gleb Kostarev, Binance’s head of Eastern Europe and Russia, took to Facebook on Sept. 6 to announce its departure from Binance.

In his Russian-language announcement, Kostarev said that today marks the last day of his long-running work at Binance, adding:

“I am stepping down as VP responsible for Eastern Europe, CIS, Turkey and Australia and New Zealand. I also stepped down from APAC a few months ago.”

The exec expressed gratitude to Binance CEO Changpeng “CZ” Zhao and co-founder He Yi for all the opportunities that they provided.

“Thanks to all the local initiative teams for their hardcore work and amazing campaigns at the local level,” he added.

Cryptocurrency exchange Binance is losing two key executives related to the Russian market amid the platform facing major regulatory challenges related to sanctions.

Vladimir Smerkis, Binance General Manager for Russia and CIS, subsequently announced his departure on Facebook as well.

“Almost two years have passed in the blink of an eye, and as of tomorrow, I no longer work at Binance,” the exec wrote.

This is a developing story, and further information will be added as it becomes available.