CommEx, Binance’s Successor in Russia, Announces Closure by April

Crypto News- March 25, 2024 – In a move that has sent ripples through the crypto community, CommEx, the successor to Binance in Russia, has officially announced the cessation of its operations. The exchange, which took over Binance’s Russian operations back in September 2023, has ceased accepting deposits and is in the process of winding down its platform.

CommEx, Binance’s Successor in Russia, Announces Closure by April

The announcement, made via the official CommEx Telegram group, outlined a phased approach to the shutdown. Starting immediately, deposits have been halted, with users urged to withdraw their assets to external wallets at their earliest convenience.

The roadmap for suspension indicates that futures trading will cease on March 28, followed by the gradual suspension of peer-to-peer exchange activities from April 2. By April 23, spot trading will be completely halted, with the website set to be suspended by May 10.

Of notable concern to users is the announcement of an asset management fee of 1% for accounts retaining assets after May 10, 2024.

The Enigmatic Origin of CommEx: Unraveling Binance’s Departure and CommEx’s Emergence

The genesis of CommEx stems from Binance’s hinted exit from the Russian market in September 2023, accompanied by the sale of its Russian business to the newly formed CommEx. Details surrounding the deal and the individuals behind CommEx remain shrouded in mystery, fueling speculation among local crypto enthusiasts.

The closure of CommEx comes amidst heightened global scrutiny of Binance, with the Philippines being the latest country to block access to the platform over concerns of unlicensed operations.

The saga surrounding Binance and its affiliates underscores the challenges facing the crypto industry as regulatory pressures mount globally. As the dust settles on CommEx’s closure, the fate of its users’ assets and the wider implications for the crypto landscape remain uncertain.