Binance has made a deal to sell its entire business operations in Russia to CommEX. It announced this on September 27 to ensure that existing users in Russia don’t face any issues while it exits.
The off-boarding process will happen gradually and may take up to one year, as mentioned in the announcement. However, Binance hasn’t disclosed how much money is involved in the deal.
Binance chief compliance officer Noah Perlman said, “As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy.”
He added, “We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”
Binance is taking steps to make sure its customers in Russia have a smooth transition to a new exchange. They are working with CommEX to give users clear instructions on how to move their assets to this new exchange.
For some Russian users who have already gone through the Know Your Customer checks, there will be a quick way to switch to CommEX. Binance will slowly phase out its services in Russia over the next few months.
The news comes a day after CommEX was introduced on September 26. This platform is meant for people who want to trade cryptocurrencies.
It offers different types of cryptocurrency trading, like regular trading, futures, and trading directly with other users. Initially, it seems like CommEX is focusing on users from Russia because, as of now, it’s only available in Russian and English.