Binance – About the Sale of Its Russian Business

Binance – About the Sale of Its Russian Business

Binance has entered into an agreement to sell its Russian business to the exchange CommEX. This process will be completed within a year, and Binance guarantees the safety of assets for its current Russian users until the transfer.

We realize that our operations in Russia do not align with Binance’s strategy.

— Noah Perlman, Binance’s Director of Compliance.

He added, “We continue to believe in the long-term success of the Web3 industry worldwide and are focusing our efforts on over 100 other countries where we actively operate.”

The user migration process will be conducted in an organized manner. Binance and CommEX will provide detailed information to users on how to transfer their assets to CommEX. New registrations by Russian users will be directed to CommEX immediately upon registration. Over the course of several months, Binance will close all its exchange services and business lines in Russia.

The financial details of the deal remain confidential, but it is emphasized that Binance is completely exiting the Russian market and will not receive a share of the proceeds from the sale, nor will it retain the option to repurchase the business.

The cryptocurrency exchange CommEX was officially launched shortly after the deal on September 26. Apparently, this was done intentionally. At present, there is very little information available about CommEX, even on Wikipedia and “About Us” pages. However, the official statement states, “We created CommEX with the aim of making your cryptocurrency operations as transparent and convenient as possible.”