Binance, a cryptocurrency exchange, has announced its complete exit from Russia by selling its firm to CommEX, a newly founded crypto exchange business.

Binance has agreed to sell the entirety of its Russia business to CommEX, the company said on September 27 to Cointelegraph. The financial terms of the transaction were not disclosed in the exchange.

The off-boarding procedure will take up to a year to ensure a smooth transition for existing Russian users, according to the release. "All assets of existing Russian users are safe and securely protected," stated Binance.

“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy," stated Binance chief compliance officer Noah Perlman, adding:

“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.”

Binance will make every effort to provide its clients with a smooth user transfer procedure. Binance will educate users on how to migrate their assets to the newly formed exchange in collaboration with CommEX.

A subset of Russian users who have completed Know Your Customer checks will be redirected to CommEX immediately as part of the user migration process. Binance's platform in Russia will be phased off over the following few months.

"Every effort will be made to maintain a smooth user experience during this transition," according to Binance's notice.

Sources:

https://cointelegraph.com/news/binance-fully-exits-russia-with-sale-to-commex

https://commex.zendesk.com/hc/en-us/categories/7383836361103-Announcements