Binance has made the decision to withdraw its operations from Russia. The exchange giant has chosen to divest its Russian venture, Binance Russia, which will now be under the management of the newly established platform, Commex. This decision is poised to have significant implications on the cryptocurrency landscape.
Noah Perlman, Binance’s Chief Compliance Officer, emphasized, "As we look toward the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy. 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."
The migration of users will be conducted in an organized manner, with both Binance and CommEX joining forces to provide detailed instructions on how to seamlessly transfer assets to CommEX. A portion of newly registered users from Russia, subject to KYC (Know Your Customer) procedures, will be promptly directed to CommEX, with a gradual scaling up over time. Over the course of the next several months, Binance will gradually phase out all exchange services and business operations in Russia, prioritizing a smooth user experience during this transitional period.
While specific financial terms of the agreement will not be disclosed, it is imperative to note that with this transaction, Binance is completely withdrawing from the Russian market. Unlike comparable deals involving international companies in Russia, Binance will not retain any ongoing revenue share from the sale, nor does it hold any option to repurchase shares in the business.
