Binance exits the Russian market business and sells it to an exchange that was founded less than a day ago – Free Finance

Binance withdrew from the Russian market and sold its original business to CommEX, which just launched the platform. (Reuters)

[Financial Channel/Comprehensive Report]Binance, the world’s largest cryptocurrency exchange, announced on the 27th that it will “completely withdraw” from the Russian market and sell all its local operations to another exchange “CommEX” that was established less than 24 hours ago. ”, and it is estimated that it will take one year for divestment to ensure a smooth transition for existing Russian users.

Foreign media reported that according to an official statement, Binance has reached an agreement with CommEX on the sale of the business, but the financial details of the transaction have not yet been disclosed. However, the company emphasized that Binance will not receive ongoing income from the sale. share, and will not retain the option to repurchase shares of the business.

In addition, Binance Chief Compliance Officer Noah Perlman said, “Looking to the future, we realize that operating in Russia is not consistent with Binance’s compliance strategy.” However, we are still confident in the prospects of the global Web3 industry, so we will focus our efforts next In terms of business in more than 100 other countries, it also emphasized that all the assets of its existing Russian users are safe, and the migration of users will also have a complete process.

According to the Binance website, CommEX is a centralized cryptocurrency exchange supported by crypto venture capitalists. The cryptocurrency platform was officially launched yesterday (26th). In addition to providing cryptocurrency trading services, it also provides a wide range of Cryptocurrency product suite, including spot, futures, simple futures and P2P services.

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