Binance, the world’s largest cryptocurrency exchange, announced that it will exit the Russian market by selling its business to rival exchange CommEx., the leading crypto exchange has agreed with CommEx to ensure a smooth off-boarding process for Russian users, which is expected to take up to a year.Binance noted that migrating users’ assets would be orderly as it would partner with CommEx to inform affected parties of the process.
The crypto trading platform did not disclose the financial details of the deal but revealed that the sale of its business would result in a complete exit from theBinance will shut down all Russian exchange services and business lines in the next few months while ensuring a smooth user migration process.
“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,” said Noah Perlman, Binance’s Chief Compliance Officer.
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