According to the announcement made yesterday, Binance had announced that it signed an agreement to sell all of its business in Russia to CommEX. Also with this agreement, Binance completely stopped its operations in Russia. Binance officials had previously stated that Russia’s attitude towards cryptocurrencies hasn’t softened and that they could withdraw from Russia. It will no longer operate in Russia with the announcement made yesterday.

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Binance CEO Changpeng Zhao said from the X platform on Tuesday, “everything will be done to ensure a smooth transition. All user funds are safe. In addition: BNB holders will continue to benefit from a 25% discount on transaction fees on CommEX”.

Additionally Binance CEO CZ made a sharing that would answer some questions from the X platform today regarding the transfer of Binance’s business in Russia to CommEX.

CZ said in his post, “I have no shares in CommEX and I am not the owner. Some Binance employees have also joined CommEX and may join in the future, this is a good development”.

In answer to a question about whether the user interfaces of Binance and CommEX exchanges are similar, CZ said, “We requested this to ensure users have a seamless experience”.

CZ said, “As users migrate with their funds, there will be crypto transfers between Binance and CommEX. Also, old transactions are available during the integration test phase. This is a expected situation”.

Binance confirmed that there was no profit sharing or share buyback option from the new company and it completely left Russia with a transition period of a few months.

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