The world’s largest crypto exchange is leaving Russia and is in the process of selling its operations to a local company.
In a new press release, Binance says say that it will sell all its Russian operations to local crypto exchange CommEX and leave the country entirely – a process that will take as long as a year to ensure a smooth transition.
According to Binance, operating in Russia no longer appears compatible with the company’s business model, although no specific details were provided.
As Binance Chief Compliance Officer Noah Perlman states in the press release:
“As we look to the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy. We remain confident in the long-term growth of the Web3 industry worldwide and will focus our energy on growing Binance in the more than 100 countries where we operate.”
As part of the plan, Binance user accounts and their assets, which are safe from currency stress, will be transferred to CommEX’s trading platform.
Additionally, while the financial details of the sale are confidential, it is noted that following the sale, Binance will not be entitled to receive any profits from CommEX nor will it be able to buy back shares of the company.
Don’t miss a beat – Subscribe to receive email alerts straight to your inbox
Check price action
follow us on Tweet, Facebook And Telegram
Surf to the Daily Hodl mix
Generated image: Midjourney