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Binance sells its Russian business to CommEX, completely exiting the Russian market

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Binance sells its Russian business to CommEX, completely exiting the Russian market

Cryptocurrency exchange Binance announced that it will sell all its operations in Russia to the digital trading company CommEX. This transaction signifies Binance's complete exit from the Russian market and its focus on its business in over 100 other countries.

Binance Exits Russia, Safeguarding User Rights

Under the agreement, Binance and CommEX will collaborate to ensure the safety of assets for existing Russian users and maintain a smooth transition process. The transition will last for a year, during which Binance will gradually terminate all trading services and business lines in Russia.

Noah Perlman, Binance's Chief Compliance Officer, stated, "Looking ahead, we recognize that operating in Russia is incompatible with Binance's compliance strategy. We remain confident in the long-term growth of the Web3 industry globally and will focus our efforts on the other 100+ countries where we operate."

To ensure a seamless migration for users, Binance and CommEX will work together to inform users on how to move their assets to CommEX. Part of the newly registered Russian users who have completed KYC will be redirected to CommEX immediately and will expand gradually over time. During this transition period, both companies will make every effort to maintain a smooth user experience.

While the financial details of the transaction were not disclosed, it is confirmed that Binance will not receive any ongoing revenue sharing from this sale nor retain the option to repurchase business shares in any way. This marks a complete exit of Binance from the Russian market, different from similar transactions of other international companies in Russia.

CZ Promises: Russian BNB Holders to Enjoy 25% Trading Fee Discount

To compensate users migrating to CommEX, Binance founder Changpeng Zhao promises a 25% trading fee discount.

Global Cryptocurrency Regulatory Turmoil

The agreement between Binance and CommEX reflects the ever-changing global landscape of the cryptocurrency market. Through this sale, Binance will further focus on its global operations, particularly in compliance, to address the increasingly complex market environment. As for Russian users, they can expect to continue enjoying cryptocurrency trading services on CommEX.