Cryptocurrency giant Binance has officially announced its decision to divest its entire Russian operations in a significant strategic move within the crypto industry. Binance has entered into an agreement to sell its Russian business to CommEX, a prominent player in the financial sector.
To ensure a smooth transition for its Russian user base, Binance has initiated an off-boarding process that will span over the course of one year. It is essential to emphasize that all assets held by existing Russian users on the platform will remain secure and safeguarded throughout this transition.
In an official statement, Binance acknowledged that its current approach in Russia does not align with its compliance strategy. Despite this departure, Binance expressed unwavering confidence in the long-term prospects of the global web3 industry and will continue to focus its efforts on serving over 100 other countries where it maintains operations.
The transition process will be carefully coordinated, with Binance and CommEX working together to guide users through the asset migration process. Over the next few months, newly registered Russian users who have completed KYC verification will gradually transition to CommEX. During this transition period, Binance will gradually phase out all exchange services and operations in Russia, prioritizing a smooth and uninterrupted user experience.
Although the specific financial details of the agreement have not been revealed, it is significant to highlight that Binance’s departure from Russia involves a total divestiture. In contrast to some international companies conducting business in Russia, Binance will not maintain any existing revenue-sharing arrangements or retain the ability to repurchase shares in the divested enterprise.
