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Russian cryptocurrency exchange CommEx, which previously acquired Binance's Russian business, announced that its activities will be phased out.
The closure process began with the suspension of new user registrations and the termination of asset transfers from Binance on March 25, 2024.
In an official announcement on its Telegram channel, CommEx stated that it has also stopped accepting deposits in both fiat and cryptocurrencies. The next phase of the closure will follow the expiration of futures trading later this week, followed by the suspension of new peer-to-peer listings on April 2. All existing peer-to-peer orders and listings will be automatically closed on April 5.
CommEx's spot market is planned to close on April 23. The final step in the phased closure will be the closure of the stock exchange's official website, which will become inaccessible to users as of May 10, 2024.
The reasons for the closure of the company were not disclosed.
As part of its efforts to fully exit Russia amid regulatory scrutiny, Binance sold its Russian business to CommEx last September, which was officially launched just before the sale was announced.
*This is not investment advice.