The worldʼs largest crypto exchange Binance has announced that it is leaving Russia. It has entered into an agreement to sell its entire Russian business to the crypto exchange company CommEX.
Binance did not disclose the amount of the deal, but clarified that as part of the deal, it will "completely stop" its activities in Russia: it will not receive profit there and will not be able to buy back its shares.
The crypto exchange will shut down the remaining exchange services and "other business lines" for several months. It will take up to one year to gradually migrate existing users and their assets to the CommEX platform.
- In March 2023, Binance closed the purchase and sale of dollars and euros to Russians through a p2p service, citing the tenth package of EU sanctions against Russia for the war in Ukraine.
- In August, Binance banned Russians from p2p transactions with any currencies other than the ruble and allowed a full withdrawal from Russia.