Cryptocurrency exchange Binance is in talks with several platforms to sell its Russian business and find a new buyer to replace CommEX, as reported by Forbes. CommEX, which recently announced its intention to cease operations, is unable to fulfill its obligations under a deal made in September 2023. Despite this, Binance assures Russian users that their digital assets are safe and that their obligations remain unchanged.

In a recent statement, Binance confirmed its decision to exit the Russian market and is currently exploring options with various service providers to sell its Russian business. The exchange plans to smoothly wind down all operations in Russia, ensuring a seamless transition for users.

CommEX has announced its gradual closure, starting with a halt on new user registrations and asset transfers from Binance. The process is set to be completed by May 10. CommEX took over Binance’s Russian business in September 2023, with financial terms of the deal undisclosed. Binance did not retain rights to profits or repurchase shares in the business post-sale.

As part of its exit strategy, Binance had previously restricted Russians from engaging in P2P transactions with other users on the platform using fiat currencies other than the ruble. With these developments, CommEX faces challenges in attracting Russian clients following Binance’s departure.

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