The largest crypto exchange in the world is exiting Russia and in the process of selling its operations to a local business.
In a new press release, Binance says that it will be selling the entirety of its Russian business to local crypto exchange CommEX and completely leaving the nation – a process that will take up to a year to ensure a smooth transition.
According to Binance, operating in Russia no longer appears compatible with the firm’s business model, though no specific details were given.
As stated by Noah Perlman, Binance’s chief compliance officer, 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 globally and will focus our energy on growing Binance in the more than one hundred countries where we operate.”
As a part of the plan, Binance user accounts and their assets, which the exchange stresses are safe, will be transferred to CommEX’s trading platform.
Furthermore, while the financial details of the sale are confidential, it is noted that Binance will not have the rights to receive any of CommEX’s profits after the sale and will also not be able to repurchase shares of the firm.
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