BinSec exits Russia and sells to CommEX

Odaily Planet Daily News According to an official announcement, Binance has reached an agreement with CommEX to sell all its operations in Russia. To ensure a smooth transition for existing Russian users, the termination process will last one year. All assets of existing Russian users are safe and reliably protected. Noah Perlman, Chief Compliance Officer of Binance, said: “Going forward, we recognize that operating in Russia is not consistent with Binance’s compliance strategy. We remain confident in the long-term growth of the global Web3 industry and will focus our efforts on more than 100 other countries and regions.” The user migration process will occur sequentially. Binance and CommEX will collaborate to inform users on how to migrate assets to CommEX. The new user registration part for Russian KYC certification will be redirected to CommEX immediately and will be gradually expanded. Over the next few months, Binance will gradually cease all trading services and business lines in Russia. Every effort will be made to maintain a smooth user experience during the transition period. While the financial details of the transaction will not be made public, it is important to note that with this sale, Binance exits the Russian market entirely. Unlike similar deals in Russia by other international companies, Binance will not receive an ongoing revenue share from the sale, nor will it have any option to buy back its shares in the business.