Binance Announces Exit from Russian Market; Selling the Business to CommEX

Binance crypto exchange announced on Wednesday that it is exiting from Russia and selling its Russian business to its newly launched crypto firm, CommEX.

[{"selector":"#anim-20900488-14e3-44ff-8276-2476d2189cba","keyframes":{"transform":["translate3d(-120.13652%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-65a2a53e-4a07-4b07-ad9d-31e7e24f66e5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-21d115e3-cc40-4da7-be23-4a2b16fbd3bc","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Noah Perlman, Binance’s CCO, stated, "As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy."

[{"selector":"#anim-f67f1b56-5b78-45e0-ae97-3e6002289b3e","keyframes":{"transform":["translate3d(-121.79931%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-bf074088-2a03-498d-b0c7-c0cabd49911d","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f206ab8e-f773-4514-98df-e525a11d8b3f","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The world’s leading cryptocurrency exchange has not yet revealed the financial terms of the deal.

[{"selector":"#anim-f30c6c3a-52e9-4e7e-b958-8be52effaf2a","keyframes":{"transform":["translate3d(-124.63768%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-15b9eb0a-0b09-4b03-908b-5e6dd16c0de5","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-2e5ccc27-3a16-4cef-9e11-a0c3a49cb3dd","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The company stated that it will not have any ongoing revenue split from the sale and will not maintain an option to buy back shares in the business.

[{"selector":"#anim-0e0b4245-788a-47e0-b72e-8b26ceebbef9","keyframes":{"transform":["translate3d(-121.60278%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-84d7684b-62c7-4878-a55c-19cc3bdaf9bd","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-1c777d3b-afe0-404f-8370-6649ee7be9bc","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Binance assured that the assets of its current Russian users were completely safe and ensured a smooth transition for the migration of its users.

[{"selector":"#anim-8e8ae018-6e16-4bf4-91b3-0d789527c47e","keyframes":{"transform":["translate3d(-121.60278%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3431a6f4-6718-4836-93c4-9a5add41f2db","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-14fcfe6f-a61b-495e-b4b9-771ade9c652c","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Binance Announces Exit from Russian Market; Selling the Business to CommEX

Binance crypto exchange announced on Wednesday that it is exiting from Russia and selling its Russian business to its newly launched crypto firm, CommEX.

Noah Perlman, Binance’s CCO, stated, "As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy."

The world’s leading cryptocurrency exchange has not yet revealed the financial terms of the deal.

The company stated that it will not have any ongoing revenue split from the sale and will not maintain an option to buy back shares in the business.

Binance assured that the assets of its current Russian users were completely safe and ensured a smooth transition for the migration of its users.

Read more stories.