Cryptocurrency exchange Binance has entirely withdrawn from the Russian market in view of the persistent legal risks. In an announcement released on September 27, Binance disclosed that it has reached an agreement to sell its Russian business operations to the cryptocurrency exchange, CommEX.
CommEX, which officially launched just this Tuesday, offers a wide array of product suites, including Spot, Futures, Simple Futures, and P2P services, enabling users to engage with the world of cryptocurrency.
Binance assured that all assets belonging to existing Russian users are secure, and the off-boarding process may take up to a year. Binance also pledged to collaborate with CommEX to facilitate the transfer of assets to the new platform.
Noah Perlman, Binance’s Chief Compliance Officer, explained the move, stating, “As we look toward the future, we recognize that operating in Russia is not aligned with Binance’s compliance strategy. We maintain confidence in the long-term growth of the Web3 industry worldwide and will channel our efforts towards the 100+ other countries where we continue to operate.”
“In the coming months, Binance will gradually phase out all exchange services and business operations in Russia,” the exchange stated. It is noteworthy that, unlike typical deals made by international companies in Russia, Binance will not retain any ongoing revenue share from the sale, nor does it possess an option to repurchase shares in the business.
