Cryptocurrency exchange Binance has made an important announcement with a new blog post. Binance, the exchange that completely withdrew from Russia, announced that an agreement has been reached for the sale of all its activities in Russia to CommEX. Binance stated that the recruitment process will continue for a while longer to ensure a seamless process for Russian users and that the assets of existing Russian users are being safely preserved.
Breaking News from Binance
Binance, currently the largest cryptocurrency exchange globally in terms of trading volume, shared a new blog post and announced a critical development for the future of the exchange. Binance has decided to completely withdraw from Russia.
Binance announced that an agreement has been reached for the sale of all its activities in Russia to CommEX. Binance also stated that the assets of Russian users are being safely preserved and that the recruitment process will continue for a while longer to ensure a seamless process for Russian users:
“Binance has signed an agreement to sell all of its operations in Russia to CommEX. To ensure a seamless process for existing Russian users, the recruitment process will continue for up to one year. The assets of existing Russian users are safe and secure.”
Noah Perlman, Binance’s Chief Compliance Officer, stated in his comments on the issue, “We are aware that operating in Russia is not compatible with Binance’s compliance strategy.” The statement mentioned that Binance, which withdrew from Russia, will focus on the other 100 countries where it operates:
“We maintain our confidence in the long-term growth of the Web3 industry worldwide and will focus our energy on over 100 other countries where we operate.”
Binance Decides to Withdraw from Russia
According to the announcement made by Binance, there will be a regular process for user transition. Binance and CommEX will partner to inform users about how to transfer their assets to CommEX. Additionally, within the next few months, Binance will close all its exchange services and business branches in Russia.
Binance stated that the financial details of the agreement will not be disclosed and emphasized that with this sale, it has completely withdrawn from Russia. Binance also stated that there will be no ongoing revenue sharing from the sale and it will not retain the option to buy back shares, unlike similar agreements made by international companies in Russia:
“Although the financial details of the agreement will not be disclosed, it is important to note that with this sale, Binance has completely exited Russia. Unlike similar agreements by international companies in Russia, Binance will not engage in ongoing revenue sharing from the sale and will not retain the option to buy back shares in the business.”
