CommEx, Successor to Binance in Russia, Announces Shutdown and Halts Deposits

cryptonews.com:

CommEx, the exchange that took over Binance’s operations in Russia in September 2023, has announced it is closing down and has stopped accepting deposits.

While the exchange has refrained from stating the motives behind this decision, it has outlined that it will wind down all operations before May 10, 2024.

We regret to inform you that CommEX is winding down its service starting March 25, 2024. All services will be completely terminated by May 10, 2024.

Please close your positions & withdraw assets ASAP.

Learn more https://t.co/1MSZajVjQm pic.twitter.com/y2S4HISFvT

— CommEX (@CommEX_com) March 25, 2024

The  announcement was posted on  CommEx’s official Telegram group on March 25, informing users of the gradual suspension of operations. They urged users to withdraw their assets to third-party wallets promptly.

“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,” said CommEx

According to the provided timeline, CommEX will cease new user registrations and Asset Transfer from Binance on March 25 and discontinue fiat & cryptocurrency deposit services from April 2. CommEx will halt futures trading on March 28, and all existing peer-to-peer orders and listings will be automatically closed on April 5.

By April 23, the spot trading platform will be completely shut down, with the website set to be suspended by May 10.

Additionally, CommEX stated in the announcement that asset management fees will be imposed for users who still have asset balances on the platform after May 10, 2024. The exchange will charge the account asset management cost 1% of the snapshot assets per day starting May 10, 2024.

Co