Binance has announced plans to fully exit Russia with the sale of its operations in the country to CommEX at an undisclosed sum.

The crypto exchange said to ensure a smooth process for existing Russian users, the off-boarding process would take up to one year and that all assets of existing Russian users would in the meantime be safe and securely protected.

"As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy," said Noah Perlman, Binance's chief compliance officer. "We remain confident in the long-term growth of the web3 industry around the world and will focus our energy on the 100+ other countries in which we operate."

Binance added that unlike “similar deals” from international companies in Russia, it will have “no ongoing revenue split from the sale” and will not maintain any option to buy back shares in the business in future.

Binance, which describes itself as the world’s largest crypto exchange, recently withdrew its application to register with the German Federal Financial Supervisory Authority (BaFin).

Whether in Germany or elsewhere, the company will be required to comply with an upcoming European Union rule change which will require companies seeking to operate in the bloc to secure authorisation from at least one member state by January 2025.

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