Binance confirms exiting the Russian market, selling operations to the newly established CommEX amid the Ukraine conflict. The transition process, ensuring user asset safety, is expected to unfold smoothly over the coming year.

As per Reuters, the financial aspect of the deal was not disclosed to the public, but it was indicated in the agreement that the Changpeng Zhao-founded crypto exchange firm would have no option to buy back shares nor any option for revenue split so it could leave all the way.

Binance's Latest Firm to Pull Out Russian Business

Binance is now the latest major company to make its full exit from Russia that is still at war with Ukraine. Earlier this month, Hyundai Motor also sold its St. Petersburg Facility to AGR Auto Group to withdraw from Moscow.

Amid the preparation for its exit, the company assured its existing users that all of their assets are safe. Binance also informed them that it will ensure that users' migration to the new CommEX platform will be done in an orderly process.

Migration of Users to CommEX

Binance and CommEX will work together to let users know how to transfer their assets to the latter’s platform. Moreover, part of Russian KYC'd for new user registrations will be redirected at once to CommEX, and this procedure is expected to improve over time amid the transition. Then again, the firm noted that the unloading process of its crypto business may take up a whole year.

"As we look toward the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy," Binance’s chief compliance officer, Noah Perlman, said in a press release. "We remain confident in the long-term growth of the web3 industry around the world and will focus our energy on the 100+ other countries in which we operate."

Facts About Binance's Successor in Russia

Meanwhile, little is known about CommEX at this time as it was only launched on Sept. 26, just one day before Binance declared it would fully quit Russia by selling its local business. CoinTelegraph mentioned that this exchange is registered in Seychelles and will mainly serve customers in two main regions: Asia and the Commonwealth of Independent States (CIS).

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