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Binance exits Russia by selling local business to CommEx

Published date:

February 2, 2026

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In the words of Noah Perlman, Binance's Chief Compliance Officer, “As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy.”

Binance has agreed to sell off its Russian business to the recently launched crypto exchange CommEx as the firm intends to quit the Russian crypto market.

Binance has entered into an agreement to sell the entirety of its Russia business to CommEX (https://t.co/JJRKCo9coA).

To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and…
— Binance (@binance) September 27, 2023

In the press release, Binance reassured its Russian clients that it would cooperate with CommEx to provide an orderly process for their migration, noting it will take up to a year to off-board Russian clients.

According to Binance, a certain percentage of existing users who have completed the KYC process will be immediately moved to CommEx. This number is expected to increase over time as Binance will gradually shut down the rest of its exchange services and business lines in the coming months.

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It is worth noting that Binance has refused to disclose the financial details of the deal, the company clarified that it will fully move out of Russia. In fact, Binance does not intend to buy back its shares or have ongoing revenue split from the deal.

Meanwhile, CommEx was launched earlier this week, with BTC/USDT and ETH/USDT trading pairs listed in spot trading. It supports P2P trading for Russian clients and plans to deploy fiat channels on its platform to allow users to exchange their Russian ruble holdings for Tether tokens.

Written by

Ayush Pande

Ayush Pande is a hardware, gaming, and crypto writer based in India. He's a tech enthusiast who's fascinated by the potential of blockchain technology.

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How we reviewed this article

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Ayush Pande

Written by:

Ayush Pande

Writer

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

As a tech enthusiast who's always on the prowl for the latest developments concerning crypto and hardware, you can find him covering news stories or tinkering with PCs.

About the Author

Radica Maneva

Reviewed by:

Radica Maneva

Senior Editor

Radica is a Senior Editor at Bitcompare. She has worked for more than a decade at leading publications as an Editor across various industries, including crypto and finance.

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