Leading cryptocurrency exchange Binance has revealed it’s fully divesting from the Russian market as it keeps on facing legal risks in the country. In a statement, Binance detailed it agreed to sell its business in Russia to crypto exchange CommEX.
CommEX is notably a newly launched cryptocurrency exchange that offers “a wide range of product suites including Spot, Futures, Simple Futures and P2P service to engage with the world of cryptocurrency.”
Noah Perlman, Binance’s Chief Compliance Officer, said in a statement that “operating in Russia is not compatible with Binance’s compliance strategy,” and added the firm will focus on “the 100+ other countries in which we operate.”
The firm clarified that the assets of its Russian users remain safe, with the off-boarding process taking up to one year as assets are migrated. The exchange added:
“Unlike similar deals from 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 move comes after reports suggested Binance was helping people in Russia move money abroad and amid an investigation from the U.S. Justice Department on whether Russians used the exchange to evade U.S. sanctions.
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- Source: https://www.cryptocompare.com/email-updates/daily/2023/sep/28/
