Binance announces its complete exit from the Russian market, with related businesses to be sold to CommEX

ChainCatcher news, according to an official announcement, Binance has reached an agreement to sell its entire Russian business to CommEX. To ensure a smooth exit for existing Russian users, the exit process will last for one year. All assets of existing Russian users will be securely protected.

"Looking ahead, 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 development of the Web3 industry globally and will focus our efforts on the other 100+ countries where we operate."

Binance and CommEX will work together to inform users how to migrate their assets to CommEX. Part of the KYC registration for new Russian users will be immediately transferred to CommEX and will gradually expand over time. In the coming months, Binance will cease all exchange services and business lines in Russia. Binance will not receive ongoing revenue sharing from this sale, nor will it retain any options to repurchase business shares.

It is reported that CommEX is a cryptocurrency platform that officially launched on September 26, and in addition to providing cryptocurrency trading services, CommEX also offers a wide range of cryptocurrency product suites, including spot, futures, simple futures, and P2P services.