Binance, a prominent cryptocurrency exchange, is currently engaged in discussions with multiple platforms regarding the potential sale of its operations in Russia. The company is actively seeking a new buyer to take over its Russian business following the announcement from CommEX, the current holder, that it will discontinue operations and is unable to fulfill its obligations under the agreement made in September 2023.

According to reports from Forbes, Binance has acknowledged CommEX's decision to cease operations. However, Binance reassures its Russian users that this decision by CommEX will not affect the safety of their digital assets or Binance's commitment to its obligations in the region.

In a statement, Binance affirmed its steadfast decision to withdraw from the Russian market and confirmed ongoing discussions with various service providers regarding the sale of its Russian business. Binance intends to cease all exchange services and business operations in Russia permanently, ensuring a seamless transition for users during this process.

On the other hand, CommEX has officially declared its intent to cease operations, initiating a gradual closure process. This process includes the suspension of new user registrations and asset transfers from Binance, with plans to conclude all operations by May 10.

CommEX acquired Binance's Russian business in September 2023, although financial details of the deal were not disclosed. Notably, the agreement did not entail Binance's entitlement to profit shares post-sale or the option to repurchase shares in the business.

Binance had previously announced its decision to exit the Russian market in the autumn of 2023. Prior to this, in August, Binance had restricted Russians from engaging in peer-to-peer transactions on the exchange involving fiat currencies other than the ruble.