By trading volume, Binance is the biggest cryptocurrency exchange in the world. Yesterday, September 27, it was revealed that it had reached an agreement to sell all of its operations in Russia to CommEX, a brand-new cryptocurrency exchange.

The off-boarding procedure will last up to a year in order to guarantee a smooth transition for current Russian users. All assets of current Russian users are safeguarded and preserved safely, according to Binance’s release.

As we look to the future, we see that operating in Russia is not consistent with Binance’s compliance approach, according to the company’s chief compliance officer, Noah Perlman. We continue to be optimistic about the long-term development of the Web3 market globally and will concentrate our efforts on the more than 100 nations in which we do business.

The user migration will take place in a systematic manner. In order to help users move their assets to CommEX, Binance and CommEX will collaborate. CommEX will initially get a small percentage of newly registered Russian users who have completed KYC, and this percentage will grow over time. All exchange services and business lines in Russia will be discontinued by Binance over the next few months.

While the deal’s financial specifics won’t be made public, it’s vital to remember that Binance is completely leaving Russia with this transaction. Contrary to comparable agreements made by foreign businesses in Russia, Binance will neither continue to get a revenue share from the sale nor does it still have the ability to repurchase shares in the company.

#Crypto #Binance #CommEX #Russia #ProbabaFX