On Wednesday, Cryptocurrency exchange Binance announced that is is selling its business in Russia to CommEX, a newly launched exchange, in order to comply with Western sanctions on the country.

No financial details regarding the sale were released, however the world’s largest crypto exchange by volume noted there is no ongoing revenue split as part of the deal, nor is there an option to purchase back shares in the business. The company had announced in August that it would sever its connections to Russian banks.

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

The statement noted that existing Russian users would undergo an off-boarding process which would take as long as one year, and that their assets would at all times remain, “safe and protected.”

CommEX was launched as a centralized cryptocurrency exchange on September 26th. Backed by crypto venture capitalists, the firm posted Wednesday on X, (formerly Twitter), that the company would welcome “new users from around the world!”

Earlier this year, media outlets reported the the US Department of Justice was launching an inquiry into whether Russian customers were accessing features of the exchange in violation of Western sanctions on Moscow.