Binance has announced its exit from Russia, with its business sold to newly formed cryptocurrency exchange CommEX. The transition will last one year, and Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business. Binance CEO Changpeng Zhao says the company will do everything to ensure a “smooth transition.”

Binance noted in the announcement that the off-boarding process will last one year. According to Binance, its deal with CommEX is unlike others that international companies struck in the wake of Russia’s invasion of Ukraine and the launch of sanctions by EU and the US. It’s a full exit.

Binance has assured all customers in the country that their assets are safe. Binance’s chief compliance officer Noah Perlman said in a statement that “operating in Russia is not compatible with Binance’s compliance strategy.” He added that “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.”

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries
Sentiment	neutral
Relevance Score	10
People	Changpeng Zhao, Noah Perlman
Companies	CommEX, Binance, EU, US Department of Justice, Noah Perlman
Currencies	None
Securities	None