Binance has entered into an agreement to sell all of its business in Russia to CommEX. To ensure a smooth process for existing Russian users, the exit process will take up to one year. All assets of existing Russian users are safe and securely protected.

“As we look to the future, we recognize that operating in Russia does not align with Binance’s compliance strategy,” said Noah Perlman, Head of Compliance at Binance (Binance). “We remain confident in the long-term growth of the Web3 sector worldwide and will focus our energy on “More than 100 other countries in which we operate.”

A structured process will be in place to migrate users. Binance and CommEX will collaborate to inform users how to migrate their assets to CommEX. Part of the registration of new users in the Russian identity authentication system will be immediately redirected to CommEX and its scope will be expanded over time. Over the next few months, Binance will close all trading services and business lines in Russia, and will make every effort to keep the user experience smooth during this transition.

While the financial details of the deal will not be disclosed, it is worth noting that with this sale, Binance is leaving Russia entirely. Unlike similar deals from international companies in Russia, Binance will not have any ongoing split of revenue from the sale, nor does it retain any option to buy back shares in the company.