Binance has finalized an agreement to divest its entire Russian operations to CommEX, marking the culmination of its exit strategy from the Russian market. In a concerted effort to ensure a seamless transition for its existing Russian user base, the off-boarding process is set to unfold over the course of the next year. Importantly, all assets held by current Russian users remain securely safeguarded.
Binance's Chief Compliance Officer, Noah Perlman, emphasized the company's dedication to upholding compliance standards as a driving factor behind this strategic move. "As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy," Perlman stated. "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."
Over the forthcoming months, Binance will gradually phase out all exchange services and business activities in Russia. Importantly, Binance has severed all revenue-sharing ties with this deal, marking a comprehensive exit from the Russian market without retaining any options for share repurchase.
