On the 19th month of Russia’s full-scale invasion of Ukraine, crypto giant Binance announced its final exit from the Russian market and the sale of its entire Russian business to CommEX.

The process of disconnecting and switching to another platform, as noted in the company, will take up to one year. Binance will not have the right to receive a part of the profit after the sale and the possibility of buying back shares in the business.

Earlier, the media have already reported that it allegedly helps Russian users transfer money abroad.

“Looking to the future, we recognize that operating in Russia is incompatible with Binance’s compliance strategy,” said Noah Perlman, Chief Compliance Officer. He added that the company is going to direct all its energy to the development of Binance in more than a hundred countries where it operates.

Over the next few months, Binance will shut down exchange services and other business lines in Russia, but will make efforts to ensure a seamless user experience during this transition.

Earlier, Binance announced restrictions on the accounts of crypto exchange users from the Russian Federation due to the imposed EU sanctions. However, this only applied to those users whose total value of crypto assets exceeds €10,000.