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Binance fully exits Russia with sale to CommEX

September, 27 2023
watermark Economic news

Binance is ending its activities in Russia. According to the press service of the crypto exchange, the company will sell its Russian business to CommEX. 

Up to one year will be allocated to ensure the smooth transition of current users to another platform. At the same time, the company stated that all customer assets are safe and securely protected.

An important point of the transaction is that Binance will completely cease its work on the Russian market and will not be able to repurchase or receive part of the profit from the sold business. 

Binance's Compliance director, Noah Perlman, expressed the opinion that the Russian market does not meet the company's strategic plans. Over the next few months, Binance will close exchange services and other business areas in Russia.

CommEX is an actively developing cryptocurrency platform with the support of leading venture crypto investors. The company provides trading opportunities for various cryptocurrencies, including Bitcoin, Ethereum and Tether stablecoin. The trading platform also has P2P services that were popular with Binance for transferring funds from Russia to other jurisdictions.

Binance's potential departure from Russia became known in August 2023 – after information that the US Department of Justice had launched an investigation into the actions of the exchange related to a possible violation of US sanctions against Russia. In response to this, Binance has introduced a number of restrictions for its Russian users, in particular, with regard to trading through the P2P platform.

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