Crypto exchange Binance said on Wednesday it has entered into an agreement to sell its Russia business to crypto exchange CommEX.

Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business, the world's largest cryptocurrency exchange said in a statement without disclosing financial details of the deal.

"As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy,” said Noah Perlman, Binance’s chief compliance officer. (Reporting by Kanjyik Ghosh in Bengaluru; Editing by Savio D'Souza and Nivedita Bhattacharjee)