Binancehas reached an agreement to sell all of its Russian business to the exchange CommEX. The disconnection process will take up to a year, and all assets of existing Russian users are promised to be kept safe until transferred.
We realize that working in Russia is not compatible with Binance's strategy.
— Noah Perlman, Binance's Compliance Standards Director.
He added: "We remain confident in the long-term growth of the Web3 industry worldwide and will focus our energy on the 100+ other countries where we operate."
The user migration process will be orderly. Binance and CommEX will inform users how to transfer their assets to CommEX. Some new registrations of Russian users will be immediately redirected to CommEX. Over the next few months, Binance will close all exchange services and business lines in Russia.
Although the financial details of the deal are not disclosed, emphasis is placed on the fact that Binance is completely exiting Russia and will not receive any current revenue distribution from the sale, nor will it have the opportunity to buy a stake in the business.
The official launch of the cryptocurrency exchange CommEX took place literally yesterday, on September 26, apparently right in line with the deal. Even their Wikipedia pages are not available yet, nor the "about us" section. However, in the announcement, it says: "We created CommEX to simplify your interaction with cryptocurrencies, making it as transparent and convenient as possible."
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