Binance exits Russia fully with sale of local business to CommEX

MOSCOW, Sep 27 (PRIME) -- Cryptocurrency exchange Binance has entered into an agreement to sell the entirety of its Russia business to CommEX, the crypto bourse said on Wednesday in a statement.

“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.

The off-boarding process will take up to one year for a smooth migration of Russian users, whose assets are safe and securely protected, Binance also said.

Binance and CommEX will partner to inform users how to migrate their assets to CommEX.

“While financial details of the deal will not be disclosed, it is important to note that with this sale, Binance fully exits Russia. 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 bourse said.

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