CommEx, the successor to Russia’s Binance cryptocurrency exchange, has formally announced the cessation of its operations, halting deposits in the process. The decision to wind down its platform follows CommEx's acquisition of Binance’s Russian operations in an undisclosed deal back in September 2023.
The announcement was made via CommEx's official Telegram group on March 25, notifying users of an immediate halt to deposits and new registrations. Users were urged to withdraw their assets promptly to third-party wallets as the platform embarks on a gradual suspension of operations.
According to the provided suspension roadmap, CommEx is set to terminate futures trading services by March 28, followed by the suspension of peer-to-peer trading starting April 2. The complete shutdown of its spot trading platform is scheduled for April 23, with the website set to be suspended entirely by May 10. Additionally, users retaining assets beyond May 10, 2024, will face a 1% asset management fee.
The decision to wind down operations comes after Binance hinted at an exit from Russia in early September 2023, a move that coincided with the departure of key local executives, including VP of Eastern Europe Gleb Kostarev. Following this, Binance purportedly sold its Russian operations to the newly established CommEx, though details regarding its founders or executives remained undisclosed.
Although CommEx asserted its independence from Binance, it acknowledged that some of its core members were former Binance employees. This development stirred speculation among local cryptocurrency enthusiasts, who likened CommEx to a "Russian version" of Binance.US, given the similarities between the two platforms.
The decision to shut down CommEx occurs amid heightened scrutiny of Binance worldwide, particularly following the Philippines’ ban on local users accessing Binance due to concerns about its unlicensed operations in the country. This regulatory pressure adds to the challenges faced by Binance, as former CEO Changpeng Zhao navigates a lawsuit filed by the U.S. Securities and Exchange Commission (SEC), which accused the exchange of selling unregistered securities and operating illegally in the United States.
