Binance says to sell Russia business to CommEX

(Reuters) – Crypto exchange Binance announced on Wednesday that it would be selling its business operations in Russia to another cryptocurrency exchange, CommEX.

This move comes as Binance continues to streamline its global operations, focusing on its core markets and strategic partnerships. By divesting its Russia business, Binance aims to strengthen and consolidate its presence in other key regions.

CommEX, a growing player in the crypto exchange industry, is well-positioned to take over Binance’s operations in Russia. The acquisition of Binance’s business will provide CommEX with an opportunity to expand its user base and market share in the country.

Binance’s decision to sell its Russia business is part of a broader strategy to optimize its operations and align its resources with its long-term vision. The company has been exploring various options to ensure sustainable growth and maximize value for its shareholders.

While Binance has not disclosed the financial details of the deal, industry experts believe that the acquisition of Binance’s Russia business could be a significant step for CommEX. It would enable CommEX to enter the Russian market with an established customer base and infrastructure.

Both Binance and CommEX have expressed their commitment to ensuring a smooth transition for users in Russia. Existing Binance users in the country can expect uninterrupted services during the transfer of operations.

The sale of its Russia business is expected to be finalized in the coming weeks, subject to regulatory approvals and other customary closing conditions.

Binance, one of the world’s largest cryptocurrency exchanges, has been actively expanding its global footprint. The company has recently made strategic investments in various markets and formed partnerships to further enhance its offerings and services.

With the sale of its Russia business, Binance aims to strengthen its position in its core markets and focus on driving innovation and growth in the crypto industry.

(Reporting by Kanjyik Ghosh in Bengaluru; Editing by Savio D’Souza)