Binance announced it has entered into an agreement to sell the entirety of its Russia business to crypto exchange CommEX. The off-boarding process will take up to one year, and the assets of existing Russian users will be safe, according to Binance's press release.
Noah Perlman, Binance's Chief Compliance Officer, said the reason for exiting Russia is that "operating in Russia is not compatible with Binance's compliance strategy". Binance and CommEX will partner to inform users how to migrate their assets to CommEX. Over the next several months, Binance will sunset all exchange services and business lines in Russia.
With this sale, Binance fully exits Russia, and will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business.
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