Binance sells Russian business to CommEX amid scam concerns, denies any connection

Binance, a popular cryptocurrency exchange, has announced its withdrawal from Russia and the sale of its Russian business to a newly launched exchange called CommEX. The move comes as scammers have been stealing funds under the name of Binance, prompting a warning from Hong Kong police. CommEX, which has been in development for six months and employs former Binance employees, issued an open letter stating that it does not belong to Binance. The sale of Binance's Russia business is for an undisclosed amount, and Binance will work with CommEX to inform users on how to migrate their assets. Despite rumors, CommEX denies any connection with Binance. Binance's exit from Russia is seen as a strategic move to align with its compliance strategy.