27 Sep 2023 14:38

Binance announces exit from Russia without buyback option for local assets

MOSCOW. Sept 27 (Interfax) - The Binance cryptocurrency exchange has announced it is leaving Russia.

"As we look to the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy," the exchange's chief compliance officer Noah Perlman said in a Binance press release.

The exchange said it had entered into an agreement to sell its entire Russian business to CommEX. "In order to ensure the smooth transition of existing users to another platform, the disconnection process will take up to one year. New users who have completed the personal data verification procedure will be partially redirected to the CommEX platform," the release said.

Within a few months, Binance will close all its business operations in Russia.

"While the financial details of the transaction remain confidential, it should be noted that as part of this agreement, Binance will completely cease its operations in Russia. Unlike transactions previously carried out by international companies in Russia, as part of this transaction, Binance will not retain the rights to receiving part of the profits after the sale or the possibility of repurchasing shares in the business," the statement says.

CommEX's website says that the company is a "centralized cryptocurrency exchange," and discloses no information about its founders.