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Binance to sell Russia’s business for undisclosed amount

Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, and Litecoin are seen in front of a displayed Binance logo in this illustration taken, June 28, 2021. REUTERS/Dado Ruvic/Illustration/File photo

The latest company to leave Moscow since Russia started its conflict with Ukraine is the cryptocurrency exchange Binance, which announced on Wednesday that it will sell its operations in Russia to the recently created exchange CommEX.

The largest cryptocurrency exchange in the world, Binance, withheld the deal’s financial information. According to the corporation, neither a revenue split from the sale nor a right to repurchase company stock will continue.

Chief Compliance Officer Noah Perlman made the statement without mentioning the conflict in Ukraine, which Russia refers to as a “special military operation,” but said, “As we move toward the future, we acknowledge that operating in Russia is incompatible with Binance’s compliance approach.

Additionally, Binance stated that there will be a smooth user transfer procedure and that its current Russian users’ assets are secure. It further stated that the divestiture procedure might take up to a year.

According to its website, CommEX is a controlled cryptocurrency exchange supported by crypto venture capitalists. The firm only recently opened its exchange. A request for comment about the Binance deal received no response from it.

Numerous Western corporations, such as Renault, Shell, McDonald’s, and others, have consented to sell their Russian assets or transfer them to local managers to abide by sanctions related to the Ukraine War and address Kremlin threats that foreign-owned assets may be seized.

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