TechFlow news: Binance has reached an agreement with CommEX to sell its business operations in Russia. The unwinding process will take one year to ensure a smooth transition for existing Russian users. User assets will be reliably protected and remain unaffected.
Binance's Chief Compliance Officer, Noah Perlman, stated that the decision was made because Binance recognized its operations in Russia were misaligned with its compliance strategy. Binance will continue focusing on the global Web3 industry across more than 100 other countries and regions.
User migration will proceed sequentially, with Binance and CommEX informing users how to transfer their assets. New user registrations requiring KYC verification in Russia will immediately be redirected to CommEX, with capacity gradually expanding. Binance will progressively discontinue all trading services and business lines in Russia over the coming months, while remaining committed to ensuring a seamless experience for users during the transition period.
It should be noted that Binance is fully exiting the Russian market. Unlike other companies, Binance will not receive ongoing revenue shares from the sale, nor does it retain any option to repurchase equity stakes in the business.
