Binance fully exits Russia after sale deal with startup CommEX

Binance said it won’t disclose the financial terms of the deal, but that it doesn’t include any ongoing revenue share from the sale

article-image

JOCA_PH/esfera/Shutterstock, modified by Blockworks

share

Binance has opted to completely withdraw from Russia by selling its entire local business there.

The crypto company has struck a sales deal with Russian-based exchange CommEX for an undisclosed sum, according to an announcement on Wednesday.

CommEX appears to have launched just this week, according to its Telegram channel. On its website, the exchange has provided a tutorial guiding how Binance users can connect their accounts to the newly-launched platform.

The off-boarding process is expected to take about one year, and Binance said the assets of existing Russian users will be protected during this time.

Binance users will receive requests to transfer their assets to CommEX. 

A portion of newly registered Russian users who have completed KYC (Know Your Customer) procedures will be redirected to CommEX right away.

Binance said that staying in Russia did not align with the company’s latest compliance strategy.

“Our highest priority is protecting our users and maintaining trust in our platform,” a spokesperson told Blockworks. “We have worked tirelessly to invest in the teams and systems that ensure user protection.”

The spokesperson declined to comment on why CommEX was chosen as the partner for the deal.

Binance said it would not have an ongoing revenue-sharing arrangement or the option to repurchase shares in the business following the sale.

Discussion about Binance considering an exit from Russia surfaced last month, raising questions about its presence in the country.

This decision by the crypto exchange comes in the wake of allegations that it was involved in assisting nationals to transfer money abroad earlier this year, prompting Binance to take measures to align itself with international sanctions.

Furthermore, Binance recently witnessed the departure of two key executives, Gleb Kostarev and Vladimir Smerkis, who had been actively involved in the Russian market.

In 2022, Binance blocked accounts linked to Russian officials’ family members. 

But this year, restrictions seemed to ease as Binance allowed Russian users to use local credit and debit cards for crypto purchases, except in USD. 

More recently, Binance tightened its restrictions on peer-to-peer trading services for Russian users.

Tags

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research

article-image

For just $54, you, too, could send a memecoin 500% higher

article-image

Memecoins, tech, and inflation have dominated the first half of the year

article-image

As the Trump administration continues to test Fed independence, markets are beginning to react

article-image

An Aave interest rate shock prompted over 475,000 validators to exit and pushed stETH into a prolonged depeg

article-image

While Roman Storm’s team is set to present its case, it’s not yet clear if the Tornado Cash founder will testify

article-image

A wireless network inspired by lost drones is now helping telco carriers reach your phone indoors