CommEx, the crypto exchange that acquired Binance’s operations in Russia, is set to halt its services in a staged closure. The exchange, known for taking over after Binance exited the Russian market, has not disclosed the reasons behind its decision to cease operations. Starting March 25 at 10:00 UTC, CommEx will stop registering new users and discontinue asset transfers from Binance. The full suspension of services is planned for May 10, as confirmed through an announcement on the exchange’s Telegram channel.
Following the May 10 cutoff, CommEx will impose a management fee on remaining user accounts. This fee will be 1% of the assets, based on the account balances at the time of the platform’s shutdown. Attempts to contact CommEx for further details have so far been unanswered.
Behind CommEx’s Closure
Binance’s departure from Russia in late September 2023 led to CommEx stepping in to fill the void. The backgrounds of those running CommEx remain a mystery. The exchange had promised greater operational flexibility compared to Binance, including offering services in sanctioned regions such as Crimea. This move aimed to expand its user base by catering to customers in areas facing sanctions from several major global entities.
Despite these efforts, CommEx has faced hurdles that have led to the decision to shut down operations in Russia. The precise challenges that triggered this shutdown have not been disclosed. The closure marks a significant shift in the cryptocurrency landscape in Russia, following Binance’s exit and now CommEx’s planned shutdown.
This development indicates a turbulent period for crypto exchanges operating in Russia, with regulatory pressures and operational challenges possibly influencing CommEx’s decision. As the crypto community awaits further details, the impact of this closure on Russian crypto users and the broader market remains to be seen.