Binance, the world’s largest cryptocurrency exchange, is fully exiting Russia as it continues to face legal risks in the country.

In a statement published today, Binance said that it has agreed to sell its Russia business to crypto exchange CommEX.

“As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy,” Noah Perlman, Binance’s Chief Compliance Officer, said in the statement. “We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.” 

Binance added that all assets of existing Russian users are safe, and the off-boarding process may take up to one year. Binance said it will work with CommEX to migrate its assets to …