In a strategic move, Binance, one of the world’s largest cryptocurrency exchanges, has announced its complete exit from the Russian market by selling its entire business operations in Russia to CommEX. The decision comes as Binance aims to align itself more closely with its global compliance strategy.
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.”
To ensure a smooth transition for its Russian users, Binance and CommEX have laid out an orderly migration process. Users will be informed about how to migrate their assets to CommEX, with a gradual redirection of new user registrations to CommEX over time. Binance plans to phase out all exchange services and business lines in Russia over the next several months while prioritizing a seamless user experience.
It’s worth noting that the financial details of the deal remain undisclosed. Importantly, unlike other international companies that have exited the Russian market, Binance will not retain any ongoing revenue share or an option to repurchase shares in the Russian business. This move marks Binance’s commitment to a full exit from the Russian market, focusing its efforts on its extensive global operations.
