Binance fully exits Russia with sale of business to CommEX. Transition will last a year, the exchange said in an announcement on Wednesday, September 27.

Binance has announced its exit from Russia, with its business sold to newly formed cryptocurrency exchange CommEX.

An announcement on Wednesday stated that the exit comes after an agreement that sees it sell “the entirety of its Russia business” to the CommEX team.

While it did not disclose any financial details, Binance noted in the announcement that the off-boarding process will last one year. 

According to Binance, its deal with CommEX is unlike others that international companies struck in the wake of Russia’s invasion of Ukraine and the launch of sanctions by EU and the US. It’s a full exit.

“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 exchange wrote.

Binance, which has faced multiple regulatory hurdles including a US Department of Justice investigation around activities in Russia, has assured all customers in the country that their assets are safe.

“As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy,” Binance’s chief compliance officer Noah Perlman said in a statement. He added:

“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.”

Binance CEO Changpeng Zhao says the company will do everything to ensure a “smooth transition.”

The post BREAKING: Binance exits Russia, sells business to CommEX appeared first on CoinJournal.

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