Binance withdraws from Russia

Binance is ceasing operations in Russia. The crypto exchange announced this in a press release today. The exit is taking place through the sale of shares in CommEX, a newly founded Russian crypto platform. Activity in Russia was no longer compatible with the "compliance strategy," explained Chief Compliance Officer Noah Perlman.

Binance and CommEX are currently working on transferring user assets to the new platform. After that, the world's largest crypto exchange will end all operations in Russia.

It was agreed not to disclose financial details. The company stresses: There is no participation in future profits. An option to buy back shares has also not been agreed upon.

There were already signs of a pullback at Binance. At the beginning of the month, two key figures in the Russian business, Gleb Kostaev and Vladimir Smerkis, left the company.

Since the beginning of Russia's war of aggression in Ukraine, the West has imposed heavy sanctions on Russia. Crypto companies such as Binance are also affected by the measures.

However, according to a Wall Street Journal report, Changpeng Zhao's crypto exchange is suspected of helping Russian citizens circumvent the sanctions.