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CommEX to shut down, months after acquiring Binance’s Russian operations

By:
on Mar 25, 2024
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  • CommEX said its suspending services beginning March 25, 2024.
  • The exchange will cease operations fully by May 10, 2024.
  • Binance announced it had sold the entirety of its business to CommEX in September, 2023.

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CommEX, the crypto platform that acquired Binance’s Russian business, is shutting down the exchange, according to details the company published on Monday.

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Binance announced the sell of its crypto exchange and entire operations in Russia to CommEX in September last year. The deal raised eyebrows as Binance came under heavy regulatory scrutiny.

Months into the new establishment, the platform has notified users that it will undertake a gradual shut down.

“We regret to inform our platform’s users that due to strategic planning adjustments, CommEX platform has decided to begin suspending some services starting from 25 March 2024, and will completely shut down the official website on 10 May 2024,” the platform announced.

Users to withdraw assets by May 10

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Today’s announcement noted that new user registrations as well as asset transfers from Binance will cease from March 25.

Also ending on the day are fiat and crypto deposit services. Opening of Simple Futures & Futures Trading positions will be halted on March 28.

Meanwhile, P2P services are set to end on April 2, with the system automatically closing any existing P2P orders on April 5.

CommEX will close the spot market on April 23 and shut down the official website on May 10, 2024.

Users have to withdraw assets and close positions as indicated. However, for those unable to, the exchange will apply an asset management fee starting May 10. The fee will be 1% of the users assets as per the snapshot taken on the deadline indicated.

“We advise users to promptly close positions, withdraw assets, and manage their assets on the platform. Additionally, please prioritize the security of your funds,” the CommEX notice reads.

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A lot has happened around the Binance company in the past few months.

After agreeing a $4.3 billion settlement with US authorities, founder and former CEO Changpeng Zhao stepped down. He is awaiting sentencing in the US after pleading guilty to DoJ charges.

Binance also quietly separated its business from venture capital arm Binance Labs, a $10 billion investment platform.

Last month, two of its executives were arrested and detained in Nigeria. As Invezz reported today, one of the executive reportedly escaped from custody on Friday, March 22.

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