Cryptocurrency exchange Binance has entered into an agreement to sell the entirety of its Russia business to CommEX as it looks to cut all ties with Moscow.
Binance chiefs say the ‘off-boarding’ process could take up to one year to ensure the assets of existing users remain securely protected.
“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.”
Binance says there will be an orderly process for the migration of user assets over to CommEX. A portion of Russian KYC-verified new user registration will immediately be redirected to CommEX and will scale up over time. Over the next several months, Binance will close all exchange services and business lines in Russia.
Although refusing to disclose financial details of the deal, Binance was keen to stress the move will see it fully exit Russia, pointing out there will be no ongoing revenue split from the sale, or any option to buy back shares in the business.