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Binance crypto exchange fully exits Russia with sale to CommEX

"To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year," the press release reads

© REUTERS/ Benoit Tessier

MOSCOW, September 27. /TASS/. Binance has announced sale of the entirety of its Russia business to CommEX, the press service of the crypto exchange said in a press release.

"To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and securely protected," the press release reads.

"There will be an orderly process for the migration of users. Binance and CommEX will partner to inform users how to migrate their assets to CommEX. A portion of Russian KYC'd new user registration will immediately be redirected to CommEX and will scale up over time," the crypto exchange said.

It is planned that Binance will sunset all exchange services and business lines in Russia over the next several months, with every effort to be made to maintain a smooth user experience during this transition.

"While financial details of the deal will not be disclosed, it is important to note that with this sale, Binance fully exits Russia. Unlike similar deals from international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business," the company noted.

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