Crypto exchange Binance will sell its entire business in Russia business to CommEX. Binance is looking to fully exit Russia due to compliance concerns.
Noah Perlman, Binance’s chief compliance officer, claims Russia is not compatible with Binance’s compliance strategy.
CommEX is a crypto exchange officially launched on Tuesday though it listed BTC/USDT and ETH/USDT trading pairs for spot trading in July.
Binance had faced a Department of Justice inquiry into whether Russian customers were able to access the exchange in violation of U.S. sanctions related to Russia’s invasion of Ukraine.
CommEX said it will not onboard customers from the U.S, EU and some other jurisdictions.