Cryptocurrency trading platform Binance announced on Wednesday that it will completely exit Russia and sell its business in the country to CommEX.
To ensure a smooth process for existing Russian users, the unsubscription process will take up to a year, reads a company statement.
"As we look ahead, we recognize that operating in Russia is not compatible with Binance's compliance strategy," said Noah Perlman, chief compliance officer at Binance.
Over the next few months, Binance will close all exchange services and lines of business in Russia, it noted.
Binance emphasized that the financial details of the deal will not be disclosed.
