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Binance continues searching for buyer of its Russian business

The decision to leave the Russian market remains unchanged, the cryptrocurrency exchange stressed

MOSCOW, March 25. /TASS/. The Binance cryptocurrency exchange has not changed the decision to leave the Russian market and is currently negotiating terms of sale of its business in Russia with several other service providers, the cryptocurrency exchange said.

The CommEX cryptoexchange, which was to become a successor to the Binance’s business in Russia, announced suspension of operations from March 25. It will also close registration of new users and the transfer of assets from Binance.

"We are aware that CommEX has made the decision to close their business. They have been unable to meet their obligations to Binance as part of the deal we made with them in September 2023. This decision in no way affects our commitment to our existing Russian users, whose digital assets remain safe and secure, however users may no longer migrate to CommEX," Binance informed.

The decision to leave the Russian market remains unchanged, the cryptrocurrency exchange stressed. "We are currently in discussions with several other service providers with regard to the sale of our Russian business. We plan to finally wind down all Binance exchange services and business operations in Russia, while making every possible effort to ensure a seamless user experience during this transition," it added.