Binance has announced a comprehensive sale of its Russian operations to CommEX. Aimed at a seamless transition for existing users, the changeover is projected to take approximately one year, meanwhile ensuring complete safety and security of user assets.
Binance's Chief Compliance Officer, Noah Perlman, noted that working within Russia didn't align with Binance's compliance strategy. However, he added, “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.”
The user migration process will be gradual and well-ordered, with Binance and CommEX working jointly to guide users on asset migration to CommEX. As part of the strategy, a certain population of Russian users registering for KYC will be redirected to CommEX immediately, and this will increase over time.
Binance plans to phase out all exchange services and business lines in Russia over the next few months. All necessary steps will be taken to ensure a fluid user experience during the transition period.
Lastly, it's worth noting that this sale marks Binance's full withdrawal from Russia. The financial aspects of the deal are undisclosed. However, unlike other similar divestments, there is no ongoing revenue split from the sale, nor does Binance retain any option to buy back shares in the venture.