Trusted

Breaking Russian Binance Alternative, CommEX, Closes Down

2 mins
Updated by Bary Rahma
Join our Trading Community on Telegram

In Brief

  • CommEx, the Russian alternative to Binance, announces its closure following a phased shutdown plan.
  • Users are urged to withdraw their assets before May 10 to avoid a 1% management fee on remaining balances.
  • The move comes after Binance sold its Russian operations to CommEx amidst increasing regulatory scrutiny.
  • promo

CommEx, the crypto exchange heralded as the Russian alternative to Binance, announced it is shutting down.

This development comes after CommEx took over Binance’s operations in Russia in a deal that was shrouded in secrecy. The announcement, made through its official Telegram channel, outlined a phased shutdown process beginning with the cessation of new user registrations effective immediately.

Crypto Exchange CommEX Closes Doors

CommEx’s decision to halt operations has sent ripples through the cryptocurrency community in Russia. The phased closure will see the suspension of asset transfers from Binance, alongside a stop on all fiat and cryptocurrency deposits starting today.

This move precedes the termination of futures trading set for later this week and the suspension of new peer-to-peer listings by April 2. The closure timeline extends to April 23, when the spot market will cease operations, culminating in the crypto exchange’s website becoming inaccessible by May 10.

“We are forced to announce a gradual suspension of operations on the CommEX platform starting March 25, 2024. We recommend promptly closing positions and withdrawing assets to external wallets,” CommEx wrote.

In light of these developments, CommEx has advised its users to expediently close their positions and withdraw their cryptocurrencies to avoid a management fee of 1% on remaining balances post-May 10. This fee imposition indicates a firm end to the platform’s activities, pushing users to secure their investments without delay.

Read more: 14 Best No KYC Crypto Exchanges in 2024

The closure of CommEx comes after Binance’s strategic retreat from the Russian market amidst increasing regulatory scrutiny. Binance’s exit, through selling its Russian business to CommEx just before the latter’s launch, was a pivotal moment for the cryptocurrency market in Russia.

Now, as CommEx ceases operations, the market faces new challenges and uncertainties. This situation reflects the volatile nature of the cryptocurrency market, not just in Russia but globally, with regulatory pressures continuing to shape the operations of crypto exchanges.

🎄Best crypto platforms in Europe | December 2024
eToro eToro Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
3Commas 3Commas Explore
🎄Best crypto platforms in Europe | December 2024
eToro eToro Explore
Coinrule Coinrule Explore
Uphold Uphold Explore
Coinbase Coinbase Explore
3Commas 3Commas Explore
🎄Best crypto platforms in Europe | December 2024

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Frame-2466.jpg
Bary Rahma
Bary Rahma is a senior journalist at BeInCrypto, where she covers a broad spectrum of topics including crypto exchange-traded funds (ETFs), artificial intelligence (AI), tokenization of real-world assets (RWA), and the altcoin market. Prior to this, she was a content writer for Binance, producing in-depth research reports on cryptocurrency trends, market analysis, decentralized finance (DeFi), digital asset regulations, blockchain, initial coin offerings (ICOs), and tokenomics. Bary also...
READ FULL BIO
Sponsored
Sponsored