Binance, the world’s leading cryptocurrency exchange, has struck a deal to sell off its Russian operations to CommEX, a smaller crypto firm, the company said in a statement on Wednesday.
Binance noted that the “the off-boarding process” would take up to one year to ensure a smooth transition for its Russian customers. “All assets of existing Russian users are safe and securely protected,” the exchange stressed.
The crypto company said that continuing its operations in Russia was “not compatible” with Binance’s compliance strategy, and announced it would shut down all exchange services and other business projects in Russia within the next few months, making efforts to “maintain a smooth user experience during this transition”.
The company stressed that the deal terminates all Binance activity in 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 statement reads.
In early March, Binance halted US dollar and euro operations via its P2P service for both Russian citizens and anyone resident in Russia. The decision was made in line with the 10th sanctions package imposed on Russia by the European Union, the firm noted.
In late August, Binance banned Russians from conducting transactions in any currencies other than the ruble.
