Binance will sell its business in the sanctioned country, according to a press statement
Cryptocurrency exchange Binance announced on Wednesday that it will sell its Russia business to newly-launched exchange CommEX to comply with US sanctions on the country.
The world’s largest crypto exchange did not disclose financial details of the deal but noted it will have no ongoing revenue split from the sale, nor will it maintain an option to buy back shares in the business. In August, the company said it was cutting ties with sanctioned Russian banks.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” Chief Compliance Officer Noah Perlman said in a press statement.
According to the statement, the off-boarding process for existing Russian users will take up to one year and all of their assets will be “safe and protected.”
CommEX is a centralized cryptocurrency exchange that was launched on September 26. The firm is backed by crypto venture capitalists. In a post on X (formerly Twitter) on Wednesday, the firm welcomed “new users from Russia and around the world!”
READ MORE: Sanctions fuel crypto mining boom in Russia
Media reported earlier this year that Binance was facing an inquiry from the US Department of Justice into whether Russian customers were able to access the exchange in violation of US sanctions.
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