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Crypto exchange Binance announces complete exit from Russia

Crypto exchange Binance announces complete exit from Russia Crypto exchange Binance announces complete withdrawal from Russia (Getty Images)

One of the largest crypto exchanges in the world, Binance, is definitively leaving the Russian market. It has reached an agreement to sell its Russian business to the exchange CommEX, according to Binance's press service.

The process of transitioning users will take place over a year.

"As we look toward the future, we recognize that operating in Russia is not compatible with Binance's compliance strategy. 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," said Noah Perlman, Chief Compliance Officer.

Over the next few months, the crypto exchange plans to cease operations of all exchange services and business directions in Russia.

"While financial details of the deal will not be disclosed, it is important to note that with this sale, Binance fully exits Russia. Unlike similar deals from international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business," the company noted.

Exit from the Russian market

After the full-scale invasion of Russian terrorists into Ukrainian territory in February 2022, several Western companies announced their withdrawal from the Russian market. Firms attempting to stay in the terrorist country face significant cost increases, as Moscow demands substantial discounts on the price of assets they wish to sell.

At the same time, there are those who remain in Russia for principled benefits. These include Raiffeisen Bank, Metro, Auchan, PepsiCo, Mars, and others.