Crypto firm Binance has entered into an agreement to sell the entirety of its Russia business to CommEX.

To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year.

“As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy,” said Noah Perlman, Binance’s Chief Compliance Officer. “We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”

There will be an orderly process for the migration of users. Binance and CommEX will partner to inform users how to migrate their assets to CommEX. A portion of Russian KYC’d new user registration will immediately be redirected to CommEX and will scale up over time.

Binance commented:

“Over the next several months, Binance will sunset all exchange services and business lines in Russia. Every effort will be made to maintain a smooth user experience during this transition”.

Financial details of the deal were not disclosed. Binance says it will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business.