Crypto giant Binance sells business and leaves Russia

Binanc, the world's largest crypto exchange, has announced that it has entered into an agreement to sell its entire Russian business to CommEX.

Source: Binance’s statement

Quote: "To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and securely protected," the message says.

"As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy," said Noah Perlman, the exchange's director of regulatory compliance.

"Binance and CommEX will partner to inform users how to migrate their assets to CommEX. A portion of Russian KYC’d new user registration will immediately be redirected to CommEX," the company explained.

It is noted that within the next few months, Binance will close exchange services and other business areas in Russia.

Financial details of the deal have not been disclosed. At the same time, as part of this agreement, Binance will completely stop its activities in Russia.

"Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business," Binance explained.

Background:

• In August, it was reported that the world's largest crypto exchange Binance was reevaluating its Russian business, including the possibility of a complete exit from the once important market that has turned into a hassle.

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