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The largest crypto exchange in the world is exiting Russia and in the process of selling its operations to a local business.<\/p>\n
In a new press release, Binance says<\/a> that it will be selling the entirety of its Russian business to local crypto exchange CommEX and completely leaving the nation \u2013 a process that will take up to a year to ensure a smooth transition.<\/p>\n According to Binance, operating in Russia no longer appears compatible with the firm\u2019s business model, though no specific details were given.<\/p>\n As stated by Noah Perlman, Binance\u2019s chief compliance officer, in the press release,<\/p>\n \u201cAs we look to the future, we recognize that operating in Russia is not compatible with Binance\u2019s 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.\u201d <\/em><\/p>\n As a part of the plan, Binance user accounts and their assets, which the exchange stresses are safe, will be transferred to CommEX\u2019s trading platform.<\/p>\n 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\u2019s profits after the sale and will also not be able to repurchase shares of the firm.<\/p>\n Don’t Miss a Beat \u2013 Subscribe<\/a> to get email alerts delivered directly to your inbox <\/span><\/em>
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