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Binance Completely Withdrawing from Russia!!! Cryptocurrency exchange Binance announced today that it has signed an agreement to sell all of its operations in Russia to CommEX. Furthermore, this move signifies Binance completely withdrawing its all operations from Russia
After this sale, Binance’s exit process from Russia will take a year to ensure that Russian users do not have problems. Binance, said that it is protecting all funds of Russian users in a safe and secure manner.
Binance’s Compliance Director Noah Perlman, “Looking ahead, we’re aware that operating in Russia is not consistent with Binance’s compliance strategy. Also we trust in the long-term global growth of the Web3 industry and will focus our energy on the 100-plus countries we operate in.”
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Binance and CommEX will partner to inform users how to transfer their assets to CommEX. CommEX Exchange will register newly registered Russian users. Additionally Binance will close down all its swap services and businesses in Russia over the next few months.
In its announcement, Cryptocurrency Exchange Binance stated that it will not share details about the sale and will not provide an option to repurchase shares in the company. Binance had previously mentioned that it could withdraw from Russia, citing that Russia’s attitudes towards the crypto sector have not changed and that Russia has imposed strict sanctions on the crypto sector.
Binance CEO Changpeng Zhao said on X platform, “Everything will be done to ensure a smooth transition. All user funds are safe. Additionally, BNB holders will continue to benefit from a 25% discount on transaction fees on CommEX.”
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