September 27, 2023 – Leading cryptocurrency exchange Binance has confirmed its intention to sell its Russian operations to crypto exchange CommEX, as part of its strategic realignment.
In an official statement released on Wednesday, Binance revealed that it has reached an agreement to divest its Russian business to CommEX. The exchange emphasized that it will not have any ongoing revenue-sharing arrangements stemming from the sale, nor does it retain the option to repurchase shares in the Russian entity. However, financial specifics of the transaction were not disclosed.
Binance’s Chief Compliance Officer, Noah Perlman, stated that the decision to sell the Russian business stems from Binance’s commitment to its compliance strategy. Perlman noted, “As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy.”
The move underscores Binance’s efforts to align its operations with evolving regulatory landscapes globally, emphasizing its commitment to maintaining high standards of compliance and risk management.
The deal with CommEX represents a significant development in the crypto exchange landscape, further illustrating the changing dynamics and strategies within the cryptocurrency industry.
