Binance pulls out of Russia as it ‘is not compatible with their strategy’

Binance have announced that they are pulling their operation out of Russia as they are not aligned with their “strategy.”

Binance have announced the sale of their Russian business of the recently formed exchange CommEX.

Binance is one of the latest of companies to completely withdraw or sell their operations in Russia since Vladimir Putin invaded Ukraine on 24 February, 2022.

The company has not released an specific details of the sale, but Binance did say they will not receive any ongoing revenue share and that they have given up the right to repurchase shares.

Chief Compliance Officer Noah Perlman said, made no reference to calling Putin’s illegal invasion of the Ukraine war, instead he called it a “special military operation,” which is how the Kremlin describes the conflict.

Perlman said, “As we look toward the future, we recognise that operating in Russia is not compatible with Binance’s compliance strategy.”