#Binance exits Russia and sells business to CommEX
The biggest #cryptocurrency exchange in the world, Binance, is completely leaving Russia due to the ongoing legal threats there.
Binance announced today that it has decided to sell its operations in Russia to the cryptocurrency exchange CommEX.
According to a different explanation, CommEX only made its debut on Tuesday. According to the recently established exchange, it provides "a wide range of product suites including Spot, Futures, Simple Futures, and #P2P service to engage with the world of cryptocurrency."
According to Noah Perlman, chief compliance officer at Binance, "as we look towards the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy." We will concentrate our efforts on the more than 100 additional nations in which we operate because we "remain confident in the long-term growth of the #Web3 industry around the world."
According to Binance, all of the existing Russian users' assets are secure, and the off-boarding procedure might take up to a year. According to Binance, it will collaborate with CommEX to move its assets to CommEX.
The exchange said that it would "sunset all exchange services and business lines in Russia over the coming months." "Unlike similar agreements from foreign businesses in Russia, Binance won't have a continuing revenue split."
