The financial details of the deal remain undiscosed, however as a full exit from Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business.
Cryptocurrency exchange Binance has announced its full exit from Russia by selling its firm to a newly launched crypto exchange business known as CommEX.
To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year, the announcement reads. “All assets of existing Russian users are safe and securely protected,” Binance noted. “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.”
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