Binance announced on Wednesday that it will sell its operations in Russia to the recently created exchange CommEX.
The crypto platform became the latest company to leave Moscow since Russia started its conflict with Ukraine.
The largest cryptocurrency exchange in the world, Binance, withheld the deal’s financial information. According to the corporation, neither a revenue split from the sale nor a right to repurchase company stock will continue.
“As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy,” Chief Compliance Officer Noah Perlman said.
Additionally, Binance stated that there will be a smooth user migration procedure and that all of its current Russian users’ assets are secure. It further stated that the divestment procedure might take up to a year.
According to its website, CommEX is a centralised cryptocurrency exchange supported by crypto venture capitalists. The company just recently opened its exchange. A request for comment regarding the Binance deal received no response from it.
Numerous Western corporations, such as Renault, Shell, McDonald’s, and others, have consented to sell their Russian assets or transfer them to local managers in order to abide by sanctions related to the Ukraine War and address Kremlin threats that foreign-owned assets may be seized.
