Binance announced its withdrawal from the Russian Federation
The Binance cryptocurrency exchange will leave the Russian market. The business will be sold to CommEX; the parties have already entered into a corresponding agreement.
The complete process of transferring users to the new platform will take up to one year. Binance emphasized that all assets of existing Russian clients are reliably protected.
“As we look to the future, we recognize that operating in Russia is inconsistent with Binance's compliance strategy,” said Binance Chief Compliance Officer Noah Perlman.
Over the next few months, Binance will close all exchange services and business lines in Russia. Some new users who have passed KYC in the Russian Federation will be immediately redirected to CommEX.
The financial details of the transaction are not disclosed, but it is known that as a result of this sale, Binance will completely leave the Russian Federation.
“Binance will not have a permanent share of the proceeds from the sale, nor will it have the opportunity to buy back shares in the business,” the exchange representatives added.
