Binance Announces Sale of Russian Business for Undisclosed Amount

On Wednesday, cryptocurrency exchange Binance announced its decision to divest its Russian business to the recently established exchange, CommEX, as per a recent Reuters report.

Binance, recognized as the world's largest cryptocurrency exchange, did not disclose the financial terms of the transaction. The company clarified that it will not retain any ongoing revenue-sharing arrangement or an option to repurchase shares in the business.

Chief Compliance Officer Noah Perlman emphasized, "Looking ahead, we acknowledge that conducting business in Russia does not align with Binance's compliance strategy." However, he did not explicitly reference the Ukraine conflict, which Russia has labeled a "special military operation."

Binance also assured that the assets of its existing Russian user base remain secure, and there will be an orderly process for transitioning users. The divestment process is expected to span up to one year.

CommEX is a centralized cryptocurrency exchange backed by crypto venture capitalists, as indicated on its website. Notably, the company launched its exchange just a day before the Binance announcement. CommEX did not provide a comment regarding the Binance transaction.

Resources:

Reuters