Binance to sell Russia business for an undisclosed amount. On Wednesday, the cryptocurrency exchange Binance said it would sell its operations in Russia to the recently established exchange CommEX, making it the most recent business to depart Moscow since Russia began its conflict with Ukraine.
The deal’s financial details were kept secret by Binance, the biggest cryptocurrency exchange in the world. The corporation states that the right to repurchase company shares and the revenue split from the sale will end.
Without referencing the situation in Ukraine, which Russia calls a “special military operation,” Chief Compliance Officer Noah Perlman delivered the following statement: “As we go into the future, we understand that operating in Russia is incompatible with Binance’s compliance strategy.
The assets of Binance’s present Russian users are secure, and the user transfer process will go smoothly, according to Binance. The divestment process might take up to a year, it was further claimed.
According to its website, CommEX is a managed cryptocurrency exchange backed by crypto venture capitalists. The company only just launched its exchange. It did not respond to a request for comment about the Binance transaction.
To comply with sanctions connected to the Ukraine War and respond to Kremlin warnings that foreign-owned assets may be confiscated, several Western firms, including Renault, Shell, McDonald’s, and others, have agreed to sell their Russian holdings or transfer them to local managers.
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