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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.
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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.