The cryptocurrency exchange service Binance, which was founded in 2017 and became the world's largest crypto-exchange, announced the sale of its Russian business to CommEX company and its exit from Russia. As part of the deal, Binance will not have an option to buy back its share in the business.

As explained by the company's press service, Binance will roll up its services in Russia in the coming months. It's noted that the transition of users to another platform will take up to one year.

 All assets of users from Russia are “safely secured”‎, Binance emphasized. It’s specified that new users after the data verification procedure will be partially redirected to the CommEX platform. 

Despite the exit from 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.

Previously, www1.ru reported that US authorities suspected Binance of assisting Russian users in circumventing Western sanctions.