Binance signed an agreement to sell its entire operations in Russia to CommEX. To ensure a smooth process for existing Russian users, the onboarding process will take up to one year.
All assets of existing Russian users are safe and securely protected.
Binance is Exiting Russia Completely
“As we look to the future, we recognize that operating in Russia is not aligned with Binance’s compliance strategy,” said Binance Chief Compliance Officer Noah Perlman.
“We remain confident in the long-term growth of the Web3 industry worldwide and will focus our energies on the other 100+ countries in which we operate.”
There will be an orderly process for migrating users. Binance and CommEX will partner to inform users on how to move their assets to CommEX.
A portion of Russian KYC new user registrations will be immediately routed to CommEX and scaled over time.
Over the next few months, Binance will shut down all exchange services and business lines in Russia. Every effort will be made to ensure a seamless user experience during this transition.
Although the financial details of the deal will not be 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 receive an ongoing revenue share from the sale and will not retain the option to buy back shares in the business.
*This is not investment advice.