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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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.”

You can freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram  ,YouTube and Twitter channels for the latest news and updates.

The post Binance Completely Withdrawing from Russia!!! appeared first on Coin Engineer.