Binance fully exits Russia with sale to CommEX

Crypto exchange Binance said on September 27 that it has entered into an agreement to sell its Russia business to crypto exchange CommEX.

Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business, the world's largest cryptocurrency exchange said in a statement without disclosing financial details of the deal.

"As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy,” said Noah Perlman, Binance’s chief compliance officer.

“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.”

"There will be an orderly process for the migration of users. Binance and CommEX will partner to inform users how to migrate their assets to CommEX. A portion of Russian KYC’d new user registration will immediately be redirected to CommEX and will scale up over time. Over the next several months, Binance will sunset all exchange services and business lines in Russia. Every effort will be made to maintain a smooth user experience during this transition.

While the 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 press release reads.