Binance has entered into an agreement to sell its entire Russian business to CommEX. To ensure a smooth process for existing Russian users, the exit process will take up to one year. All assets of existing Russian users are safe and securely protected.
"Looking to the future, we understand that operating in Russia is not aligned with Binance's compliance strategy," said Noah Perlman, Chief Compliance Officer at Binance. "We remain confident in the long-term growth of the web3 industry worldwide and will focus our energy on over 100 other countries where we operate."
There will be an orderly user migration process. Binance and CommEX will collaborate to inform users on how to transfer their assets to CommEX. Part of the new users registered under KYC in Russia will be immediately redirected to CommEX and gradually increased over time. Over the next few months, Binance will cease all business operations in Russia, including RUB trading pairs and P2P services. Every effort will be made to ensure a convenient user experience during this transition. While the financial details of the agreement are not disclosed, it is important to note that with this sale, Binance is completely exiting Russia. Unlike similar deals by international companies in Russia, Binance will not have an ongoing revenue share from the sale and will not retain an option to repurchase shares in the business.
