- Binance sells its Russian business to CommEX, completing a full exit.
- Transition plan ensures user asset safety and compliance strategy alignment.
- Binance’s global focus remains firm amid a strategic exit from the Russian market.
Binance, one of the world’s leading crypto exchanges, has officially concluded its exit from the Russian market through an agreement to sell its Russian business to CommEX. This strategic move aligns with Binance’s compliance strategy, emphasizing its commitment to regulatory standards.
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To ensure a seamless transition for existing Russian users, the off-boarding process is anticipated to span up to one year. It’s important to note that all assets held by current Russian users on the Binance platform remain safe and securely protected throughout this transition.
Binance’s Chief Compliance Officer, Noah Perlman, stated, “As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. 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 migration of users from Binance to CommEX will be conducted in an organized and user-friendly manner. Both platforms will collaborate to provide users with clear instructions on how to transfer their assets to CommEX. Additionally, a portion of new Russian user registrations with Know Your Customer (KYC) verification will be directed to CommEX, with a gradual scaling up over time.
Over the upcoming months, Binance will phase out all exchange services and business operations in Russia. The company is committed to ensuring a smooth and uninterrupted user experience throughout this transition period.
While specific financial details of the deal remain undisclosed, it’s worth highlighting that Binance’s exit from Russia is comprehensive. Unlike some international companies’ deals in Russia, Binance will not maintain any ongoing revenue-sharing arrangement from the sale, nor will it possess the option to repurchase shares in the Russian business.
This move signifies Binance’s strategic focus on maintaining strong compliance standards while continuing to operate and grow in multiple countries worldwide.
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