Binance Agrees to Sell The Entirety of Its Business in Russia to This Exchange

Binance, the world’s largest cryptocurrency exchange, has entered into an agreement to entirely divest its Russia operations and customer base to local trading platform CommEX. This move comes as Binance aims to align with global compliance standards and pivots away from the Russian market.

The sale, whose financial details remain undisclosed, will include the transfer of all Binance’s Russian assets and users to CommEX over the next 12 months. To maintain continuity of service throughout the transition period, CommEX and Binance will collaborate to smoothly migrate user accounts and cryptocurrency balances.

According to Noah Perlman, Binance’s Chief Compliance Officer, disengaging from Russia aligns with the company’s renewed commitment to compliance as it eyes further international expansion. Unlike similar exits by multinational companies, Binance will relinquish all economic ties and equity in the Russia business after the sale.

Binance will begin redirecting new Russian user registrations to CommEX immediately, gradually ramping up the transition over the coming year. The company states that extra care will be taken during this process to avoid disruption for existing Russian customers.

The exit marks a notable strategic shift for Binance, which had previously withstood global pressure to cut ties with Russia amid economic sanctions related to the invasion of Ukraine. While crypto exchanges are not legally bound by these sanctions, the sale underscores Binance’s efforts to bolster its compliance reputation.

As Binance focuses its efforts on its global user base across 100+ other countries, the handover to CommEX will allow the company to streamline operations and redirect resources away from the Russian market. This signals Binance’s willingness to make difficult but necessary decisions to align itself with the evolving global regulatory landscape.

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Rahul Nambiampurath
Rahul Nambiampurath

Rahul Nambiampurath's cryptocurrency journey first began in 2014 when he stumbled upon Satoshi's Bitcoin whitepaper. With a bachelor's degree in Commerce and an MBA in Finance from Sikkim Manipal University, he was among the few that first recognized the sheer untapped potential of decentralized technologies. Since then, he has helped DeFi platforms like Balancer and Sidus Heroes — a web3 metaverse — as well as CEXs like Bitso (Mexico's biggest) and Overbit to reach new heights with his media outreach skills and digital marketing maneuvers. For the past six years, he has also covered major crypto events for leading publications, with expertise spanning DeFi, DAOs, NFTs, and everything decentralized.

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