Binance seeks new buyer for Russian business following CommEX closure

Cryptocurrency exchange Binance is talking with several platforms about selling its Russian business and is looking for a new buyer to replace CommEX.

According to Forbes, the world’s largest crypto exchange noted that CommEX, which announced its intention to cease operations, cannot fulfill obligations under the deal concluded in September 2023.

Binance representatives said they are aware of CommEX’s intention to cease operations. The company emphasized that CommEX’s decision does not affect its obligations to Russian users and that the users’ digital assets remain safe.

“Our decision to exit the Russian market remains unchanged, and we are currently in discussions with several service providers regarding the sale of our Russian business. We plan to permanently wind down all exchange services and business operations of Binance in Russia, making every effort to ensure a smooth experience for users during this transition.”

Binance statement

Today, CommEX announced its intention to cease operations. The platform will begin to gradually close operations that prohibit registering new users and transferring assets from Binance, with plans to complete the task by May 10.

CommEX acquired Binance’s Russian business in September 2023, but the deal’s financial terms were not disclosed. It was reported that the agreement did not include Binance’s right to receive a portion of the profits after the sale and the possibility of repurchasing shares in the business.

Binance decided to leave the Russian market in the fall of 2023. Before that, in August, it prohibited Russians from trading with other users via P2P transactions on the exchange in any fiat currency other than the ruble.