According to TechFlow, Binance has reached an agreement with CommEX to sell its business in Russia. The termination process will last for one year to ensure a smooth transition for existing Russian users. User assets will be reliably protected and unaffected.

Noah Perlman, chief compliance officer of Binance, said the decision was made because Binance realized that its operations in Russia were not in line with its compliance strategy. Binance will continue to focus on the development of the global Web3 industry in more than 100 other countries and regions.

User migration will be carried out in order, and Binance and CommEX will inform users how to migrate their assets. New user registrations for KYC certification in Russia will be redirected to CommEX immediately and gradually expanded. Binance will gradually stop all trading services and business lines in Russia in the coming months, while working to ensure a seamless experience for users during the transition.

It’s important to note that Binance is exiting the Russian market entirely, and unlike other companies, it will not receive an ongoing revenue share from the sale, nor will it have the option to buy back shares in the business.