Binance, a leading cryptocurrency exchange announced on Wednesday that they have made an agreement to sell its entire business in Russia to CommEX.
The off-boarding process for existing Russian users will take up to a year to ensure a smooth transition. Binance has stated that all assets of Russian users are safe and secure. The decision to sell its Russia business is based on Binance’s compliance strategy, as it believes operating in Russia is not compatible with its approach.
Binance remains confident in the long-term growth of the web3 industry globally and will now focus on its operations in over 100 other countries. Additionally, BNB token holders will receive a 25% trading fee discount on CommEX.
Read Now: Cathie Wood’s ARK 21Shares Bitcoin ETF faces extended deadline by SEC