The world’s largest cryptocurrency exchange, Binance, has signed an agreement to completely sell its business in Russia to CommEX. As a result of this deal, Binance will terminate all of its operations in Russia.
Details of the Agreement
While the financial details of the agreement have not been disclosed, it is clearly stated that this sale marks the conclusion of Binance’s presence in Russia, with the business being transferred to CommEX.
Additionally, they mention that they will provide a smooth transition process for their existing Russian users. They have announced that this transition process is expected to take approximately one year and will ensure the secure preservation of all assets held by current users.
Binance and CommEX will collaborate to assist users in transferring their assets to CommEX. Furthermore, a portion of new user registrations in Russia will be directed to CommEX due to KYC (Know Your Customer) procedures, and over time, this process will be scaled up.
Termination of Trading Services
Within the next few months, Binance will also terminate all trading services and business branches in Russia. However, during the transition, both platforms will collaborate to meet the needs of users to the highest extent possible and provide support for answering questions.