In a strategic move aligning with its compliance strategy, cryptocurrency exchange giant Binance has finalized an agreement to divest its entire Russian business operations to CommEX. Binance announced the decision in one of its official blogs. The off-boarding process for existing Russian users is set to be a gradual transition over the course of one year, assuring the safety and security of all user assets.
Noah Perlman, Chief Compliance Officer at Binance, emphasized, “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 transition process for users will be meticulously managed. Binance and CommEX are collaborating to provide users with clear guidance on migrating their assets to the CommEX platform. A portion of new user registrations in Russia, subject to Know Your Customer (KYC) verification, will be seamlessly redirected to CommEX, with gradual scaling over the coming months. During this transition period, Binance is committed to upholding a seamless user experience.
While the financial terms of the deal remain undisclosed, it is noteworthy that this move signifies Binance’s complete exit from the Russian market. In a departure from similar international business dealings in Russia.