Binance leaves Russia with sale to CommEX

Wednesday 27 September 2023 12:39 CET | News

Cryptocurrency exchange Binance has entered an agreement to sell its whole of its Russia business to CommEx.


Cryptocurrency exchange Binance has entered an agreement to sell its whole of its Russia business to CommEx.

To ensure a smooth process for the exit of the Binance’s current Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and securely protected.

Officials from Binance said that they look toward the future,they recognise that operating in Russia is not compatible with Binance's compliance strategy. They remain confident in the long-term growth of the web3 industry around the world and will focus their energy on the 100+ other countries in which they operate.

An organised user migration process will be established, with Binance and CommEX collaborating to guide users on asset migration. A portion of newly registered Russian KYC'd users will start transitioning to CommEX and gradually increase. Over the coming months after the announcement, Binance will phase out all exchange services and operations in Russia while striving to ensure a seamless user experience during this shift.

While financial details of the deal will not be disclosed, it is important to note that with this sale, Binance fully exits Russia. Unlike similar deals from international companies 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.

About Binance

Binance is a blockchain ecosystem and cryptocurrency infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. Trusted by more than 150 million users worldwide, the Binance platform is dedicated to increasing the freedom of money for users and features a portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more.

Binance has built a robust compliance program and has earned licenses and registrations in 18 countries around the world, with five more announced since January 2023.

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Keywords: cryptocurrency, blockchain, compliance, acquisition, digital assets
Categories: DeFi & Crypto & Web3
Companies: Binance, CommEx
Countries: Russian Federation
This article is part of category

DeFi & Crypto & Web3




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