The world's largest cryptocurrency exchange platform Binance announced that it had signed a deal to sell its entire business in Russia to the country's CommEX exchange and announced that it will be fully exiting the Russian market.

"Binance has agreed to sell the entirety of its Russia business to CommEX... To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and securely protected," Binance said on X.

"We remain very confident of 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," the post added.

Read more: US SEC files motion to freeze Binance assets over violations

Binance has entered into an agreement to sell the entirety of its Russia business to CommEX (https://t.co/JJRKCo9coA).

To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and…

— Binance (@binance) September 27, 2023

Meanwhile, the company's co-founder and CEO Changpeng Zhao, said in an X post that holders of the Binance coin will continue to enjoy a 25 percent trading fee discount on CommEX exchange.

Binance imposed stricter guidelines for its Russian users in the latter part of August. The exchange specifically implemented limitations on its peer-to-peer (P2P) payment network, restricting access to fiat currencies to users with Russian verification and making just the ruble still available.

This policy alteration was made in response to claims that Binance helped Russians send money abroad in violation of Western sanctions on the country.

A few weeks later, the director for Eastern Europe and director for the CIS of Binance, Gleb Kostarev, and Vladimir Smerkis respectively resigned.

Read more: SEC charges Binance with violating securities laws