Crypto exchange Binance sold the entirety of its Russian business to CommEX in September last year following compliance concerns.

Crypto exchange CommEX, the owner of Binance’s former Russian operations, plans to completely shut down its website on May 10, according to a blog post on Monday.

CommEX said that it has already begun to suspend certain services. Starting Monday, new users will no longer be able to register on the platform, and asset transfer from the Binance platform will cease. The company has also discontinued its fiat and crypto deposit services.

“We advise users to promptly close positions, withdraw assets, and manage their assets on the platform,” the statement said.

Crypto exchange Binance sold the entirety of its Russian business to CommEX in September last year following compliance concerns. The exchange officially launched the day before the news was announced. At the time, Binance said there would be no ongoing revenue split from the sale, and its founder, Changpeng Zhao, denied that he owned the exchange.

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Binance is set to fully exit the country with the sale and will have no ongoing revenue split, it said Wednesday.

Crypto exchange Binance has agreed to sell the entirety of its Russia business to CommEX as it looks to fully exit the market over compliance concerns.

“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” Noah Perlman, Binance’s chief compliance officer said in a press statement.

CommEX appears to be a crypto exchange that was officially launched on Tuesday, while it seemingly listed BTC/USDT and ETH/USDT trading pairs for spot trading in July. On its X (formerly Twitter) account, CommEX on Wednesday welcomed its “new users from Russia and around the world!”

It was reported earlier this year that Binance was facing a Department of Justice inquiry into whether Russian customers were able to access the exchange in violation of U.S. sanctions related to Russia’s invasion of Ukraine. In August, the firm said it was cutting ties with sanctioned Russian banks.

Binance said on Wednesday that with the sale, it would exit the country completely, adding “Binance will sunset all exchange services and business lines in Russia” over the next several months.

“Unlike similar deals from international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business,” the release said.

CommEX said it will not onboard customers from the U.S, EU and some other jurisdictions.

The off-boarding process for existing Russian users will take up to one year and all their assets are “safe and protected,” the firm said.

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