Binance’s successor in Russia CommEx announces closure

Binance’s buyer in Russia, CommEx, has declared a phased shutdown of its services without providing a reason for the decision.

CommEx, a crypto exchange, which took over Binance’s Russian business following the latter’s departure from the country, has announced plans to shutter operations in Russia.

While the exchange has refrained from elaborating on the motives behind this decision, it outlined that starting from Mar. 25 at 10:00 (UTC), new user registrations will be suspended, and asset transfers from Binance will cease.

“With regret, after a thorough analysis of the current situation and a review of strategic plans, we are forced to announce the decision to suspend the work of the trading platform.” CommEx

The exchange aims to fully suspend its services by May 10, according to an official statement shared on the exchange’s Telegram channel.

CommEx added that uer accounts that maintain assets after May 10 will be “subject to an asset management fee equal to 1% of assets as measured by a snapshot of user balances on the day the platform is discontinued.” Crypto.news reached out to CommEx for comment but has not yet heard back.

In late September 2023, Binance made headlines by announcing the closure of its services in Russia, selling its local business to CommEx. Thus far, it remains unclear who is behind CommEx. Upon acquiring Binance’s operations, CommEx swiftly indicated its intent to operate with more flexibility than its predecessor.

For instance, as crypto.news previously reported, CommEx openly acknowledged providing services to users in Crimea, a region in Eastern Europe subject to sanctions by the U.S., the European Union, the United Kingdom, Canada, and Australia.

However, despite CommEx’s efforts to attract a broad user base, the exchange appears to have encounteredchallenges following Binance’s withdrawal of services from Russia.