- Cryptocurrency exchange Binance announced in today’s blog post that it has made an agreement to sell its entire business in Russia to CommEX.
- Some of the newly registered users who have undergone Russian KYC (Know Your Customer) procedures will be immediately directed to CommEX, and this number is expected to increase over time.
- The financial details of the agreement were not disclosed, but with this sale, Binance has confirmed its complete withdrawal from Russia.
Binance, the world’s largest cryptocurrency exchange, has decided to completely withdraw from Russia following regulatory pressures and has announced that it will sell its operations.
Binance Reveals Its Critical Decision in Russia
Cryptocurrency exchange Binance announced in today’s blog post that it has made an agreement to sell its entire business in Russia to CommEX. The exit process may take up to a year to ensure a smooth transition for existing Russian users. It was reported that all assets of existing Russian users are safe and securely protected.
BREAKING: #Binance announced that it will completely withdraw from Russia and sell its business to CommEX.
— COINOTAG NEWS (@coinotagen) September 27, 2023
Noah Perlman, Chief Compliance Officer of Binance, made the following statements regarding the matter:
“As we look to the future, we recognize that operating in Russia is not consistent with Binance’s compliance strategy. We remain confident in the long-term growth of the Web3 industry worldwide and will focus on more than 100 other countries where we operate.”
The migration process for users may be a systematic one. Binance and CommEX will collaborate to inform users how to transfer their assets to CommEX. Some of the newly registered users who have undergone Russian KYC (Know Your Customer) procedures will be immediately directed to CommEX, and this number is expected to increase over time. Binance will terminate all exchange services and business operations in Russia within the next few months. Every effort will be made to maintain a seamless user experience during this transition process.
Financial Details
The financial details of the agreement were not disclosed, but with this sale, Binance has confirmed its complete withdrawal from Russia. Unlike similar agreements from international companies in Russia, Binance will not have a continuous revenue-sharing arrangement with the sale and will not have the option to repurchase shares in the business.
