The cryptocurrency exchange service Binance, founded in 2017 and becoming the largest crypto exchange, announced the sale of its Russian business to CommEX and its withdrawal from the Russian Federation. As part of the deal, Binance will not have the option to buy back a stake in the business.
As explained in the company's press service, Binance will curtail its services in Russia in the coming months. It is noted that the transition of users to another platform will take up to one year.
All assets of users from Russia are «safe and securely protected», Binance emphasized. It is specified that new users after the data verification procedure will be partially redirected to the CommEX platform.
Despite leaving Russia, Binance still believes in the long-term growth of the Web3 industry. The company plans to focus on markets in more than 100 countries around the world.
It is known that the CommEx exchange (CommEX Holding Limited, registered in the Seychelles) announced its launch on September 26. The service works in a browser, but Russian users were promised to present an application on iOS and Android OS.
Earlier www1.ru wrote that the American authorities suspected Binance of helping Russian users circumvent Western sanctions.