Binance Announces "Full Withdrawal from Russia" and Sells its Entire Business to CommEX

Binance, one of the world's leading cryptocurrency exchanges, announces a complete withdrawal from Russia and sells its entire operation to CommEX.

How will this move affect existing Binance users in Russia? What are the plans for the transition? Dive into the details to understand the complexities and future implications of this critical business decision.

Binance to Cease All Services in Russia in the Coming Months

Cryptocurrency exchange Binance announced on September 27, 2023, that it will fully withdraw from the Russian market.

Binance has entered into an agreement to sell its entire Russian operations to cryptocurrency exchange CommEX. The company clarified that "although the assets of existing users are fully secured, the migration process could take up to a year."

Binance and CommEX are planning to collaborate to guide users on "how to transfer their assets to CommEX."

The companies have reported that all exchange services and business lines in Russia will be terminated in the coming months.

Although Binance has not disclosed the specifics of the business sale transaction, the official announcement states, "There will be no profit-sharing in this sale, and there is no option to buy back the shares of the business afterward."

Commentary from Binance's Chief Compliance Officer

Noah Pearlman, Binance's Chief Compliance Officer, commented on the full withdrawal from Russia as follows:

We recognize that operating in Russia is incompatible with Binance's compliance strategy.

We are confident in the long-term growth of the Web3 industry around the world and want to focus our energies on the other 100+ countries in which we operate.

Binance has been steadily making efforts to offer services that comply with the regulations of each country. On the 25th of this month, the company also announced the "resumption of services for residents of Belgium."