Cryptocurrency exchange Binance will sell its Russian business to the newly launched exchange CommEX, marking its exit from the local market, according to a Sept. 27 announcement.

Binance did not disclose the financial details of the deal. It added that it would not maintain an option to buy back shares in the business but would have an ongoing revenue split from the sale.

“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy," Chief Compliance Officer Noah Perlman said, adding:

“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 said the off-boarding process for existing Russian users will take up to a year. It also reassured its users that all their assets are safe and securely protected.

The exchange will provide customers with an orderly process for migrating assets to the new exchange with the help of CommEX, it said.

The process of user migration will allow Russian users who have completed their Know Your Customer checks to be redirected to CommEX immediately. Binance will gradually phase out its platform in Russia over the next few months.

In a post on social media platform X (formerly Twitter), Binance CEO Changpeng Zhao said BNB holders will “continue to enjoy” a 25% trading discount on CommEX.

Binance’s announcement comes on the heels of CommEX announcing its launch on Sept. 26. The platform, which appears to be targeting mostly Russian users at launch, offers trading services, including spot, futures, and peer-to-peer trading.

Binance has been reportedly preparing to leave Russia due to regulatory challenges related to Western sanctions compliance but was still promoting its services in the market as of August. Several of Binance’s executives in Russia had also departed in September.