Binance has entered into an agreement to sell its entire Russian business to CommEX. To ensure a smooth transition of existing users to another platform, the deactivation process will take up to one year. All assets of current Russian users are safe and securely protected.
“As we look to the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy,” said Noah Perlman, Chief Compliance Officer. “We remain confident in the long-term growth of the Web3 industry globally and will focus our energy on growing Binance in the more than one hundred countries where we operate.”
As part of an orderly and consistent user migration, Binance, together with CommEX, will take all necessary measures to inform users about the procedure for migrating their assets to the CommEX platform. New users who have completed the personal data verification procedure will be partially redirected to the CommEX platform.
Over the next few months, Binance will close its exchange services and other businesses in Russia, while making every effort to ensure a seamless user experience during this transition.
While the financial details of the deal remain confidential, it should be noted that as part of this agreement, Binance will completely cease its operations in Russia. Unlike transactions previously carried out by international companies in Russia, as part of this transaction, Binance will not have the right to receive part of the profit after the sale and the possibility of repurchasing shares in the business.