Binance fully withdraws from Russia with the sale of the CommEX business
Binance has entered into an agreement to sell its entire Russian business to CommEX. This is stated in the official blog of the exchange. To ensure a smooth transition for existing Russian users, the process will take up to one year. All assets of clients from Russia are safe and secure, Binance assures.
“We are looking to the future and realize that operating in Russia is not in line with Binance’s strategy for regulatory compliance. We remain confident in the long-term growth of the Web3 industry globally and will focus our efforts on the more than 100 other countries in which we operate,” said Noah Perlman, Binance’s Chief Compliance Officer.
User migration will be carried out in a systematic manner. Binance and CommEX will jointly inform clients on how to transfer their assets to CommEX. Some of the Russian users who have completed KYC registration will be immediately redirected to CommEX, and their number will increase over time. Over the next few months, Binance will shut down all exchange services and business lines in Russia.
Although the financial details of the deal were not disclosed, it is important to note that with this sale, Binance is completely out of Russia. Unlike similar deals with international companies in Russia, Binance will not have a permanent income from the sale and will not retain the option to buy back shares in the business.
As a reminder, in late August, the exchange restricted currency transactions for users from Russia. For example, Russians were banned from transactions with the euro, dollar, and yuan through a P2P service.
