Cryptocurrency exchange Binance has just announced it intends to completely leave the Russian market.
As reported by the platform, it has signed an agreement to sell the business to CommEX.
It should be noted the whole process of transferring users to the new platform will take a year. Binance has assured that all assets of existing Russian customers are protected.
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Noah Perlman, chief compliance officer at Binance, has stated:
"As we look toward the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy."
Binance plans to shut down all exchange services and lines of business in Russia over the next few months.
According to the announcement, some new users who have completed the KYC process in Russia will be immediately redirected to CommEX.
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Although the financial details of the transaction have not been disclosed, the sale will result in Binance leaving Russia entirely.