Binance, an international cryptocurrency exchange, announced on Wednesday, September 27, that it is fully exiting the Russian market. CommEX, a newly-formed cryptocurrency exchange, has acquired the business.
The announcement noted that the process of off-boarding will last for a year. The company did not provide any financial information. Contrary to similar deals from other international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business.
The market is booming with a number of businesses that have had to overcome multiple regulatory hurdles, including a US Department of Justice investigation into activities around Russia. All customers in the country can rest assured that their assets will be safe.
Binance CEO Changpeng Zhao said the company will take all necessary measures to ensure a “smooth transition.” He added that operating in Russia is not compatible with Binance’s compliance strategy, and that the firm will focus its energy on the over 100 countries in which it operates.
