The financial details of the deal remain undisclosed, however as a full exit from Russia, Binance will have no ongoing revenue split, nor any option to buy back shares, the companies said.
Cryptocurrency exchange Binance has announced its full exit from Russia by selling its firm to the cryptocurrency exchange platform known as CommEX.
Binance has entered into an agreement to sell the entirety of its Russia business to CommEX, the firm said in an announcement to Cryptopurity on Sept. 27.
To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year, the announcement reads. “All assets of existing Russian users are safe and securely protected,” Binance noted.
“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, adding:
“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.”