Binance, which holds the title of the world’s largest cryptocurrency exchange by transaction volume, is ending its activities in Russia. According to the news that appeared on Reuters minutes ago, Binance reached an agreement to sell its Russian subsidiary to another cryptocurrency exchange called CommEX.
The largest trading platform in the crypto and digital asset space has not yet provided information about the financial details of the agreement. Authorities stated that the stock exchange will not receive any revenue share after the sale. It will not be possible for the Binance exchange to buy back the shares it sold in the coming years.
Speaking to the press, stock exchange official Noah Perlman stated that it is not possible for the company to continue operating in Russia due to the compliance policy.
Binance made the following statement in its statement on the X account:
“Binance signed an agreement with CommEX to transfer its entire operations in Russia. Our exit process will take 1 year to ensure a smooth process for our existing Russian customers. Looking ahead, we recognize that operating in Russia does not fit into our compliance strategy. “We will continue to focus our energy around more than 100 countries.”
