By Ben Otto
Cryptocurrency platform Binance will exit Russia, selling its operations in the country to new crypto exchange CommEX.
Binance, the world’s largest cryptocurrency exchange, said Wednesday that it will have no ongoing revenue split from the sale, nor any option to buy back shares in the business. It didn’t disclose the financial terms of the deal with CommEX, a crypto exchange that launched this week.
“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” Chief Compliance Officer Noah Perlman said in a press release.
The Wall Street Journal reported last month that Binance was considering exiting the once-important market after moving to limit its Russian peer-to-peer trading service.
Write to Ben Otto at ben.otto@wsj.com
(END) Dow Jones Newswires
09-27-23 0518ET