2024

April

CommEx, the successor of Binance crypto exchange in Russia, has officially announced it is shutting down operations and has halted deposits.
After <a href="https://cointelegraph.com/news/binance-fully-exits-russia-with-sale-to-commex" rel="noopener noreferrer nofollow">acquiring Binance’s Russian business</a> in an undisclosed deal in September 2023, CommEx is winding down its platform.
CommEx <a href="https://t.me/CommEX_RUChat/150597" target="_blank" rel="noopener noreferrer nofollow">posted</a> an announcement on its official Telegram group on March 25, immediately halting deposits and closing down new registrations.
“We have to announce the gradual suspension of operations on the CommEX platform,” the firm said, recommending users to immediately withdraw their assets to third-party wallets.
According to the suspension roadmap, CommEx will stop servicing futures trading on March 28 and will also start suspending peer-to-peer exchange from April 2. On April 23, CommEx plans to completely shut down the spot trading platform and suspend its website by May 10.
“User accounts that retain assets after May 10, 2024 will be subject to an asset management fee of 1% of assets,” the announcement notes.
As previously reported, <a href="https://cointelegraph.com/news/top-binance-execs-in-russia-leave-as-firm-considers-exiting-the-market" rel="noopener noreferrer nofollow">Binance hinted at exiting Russia</a> in early September 2023 as top local executives including vice president of Eastern Europe Gleb Kostarev stepped down.
A few weeks later, Binance claimed it sold its entire Russian business to the newly created exchange CommEx, but it declined&nbsp;to disclose any details about CommEx founders or executives.
Subsequently, CommEx emphasized that it operated independently of Binance, but admitted that some of its <a href="https://cointelegraph.com/news/binance-buyer-in-russia-commex-silent-on-owners" rel="noopener noreferrer nofollow">core members were former Binance s</a>taf.
The mysterious deal quickly sparked chatter among local crypto enthusiasts, who saw lots of similarities between Binance and CommEx websites, calling the new exchange a “Russian version” of Binance.US.
At the time of the sale, Russia was the top market in terms of user visits on Binance.com, accounting for 6.9% of total visits.
Related: <a href="https://cointelegraph.com/news/changpeng-zhao-former-binance-ceo-new-project" rel="noopener noreferrer nofollow">Facing potential prison time, former Binance CEO hints at new project</a>
The Binance-CommEx deal came amid former Binance CEO <a href="https://cointelegraph.com/top-people-in-crypto-and-blockchain-2023/changpeng-zhao" rel="noopener noreferrer nofollow">Changpeng Zhao</a> and Binance trying to <a href="https://cointelegraph.com/news/binance-ceo-chanpgeng-zhao-asks-court-dismiss-sec-lawsuit" rel="noopener noreferrer nofollow">assure a court in the United States to dismiss a lawsuit</a> by the Securities and Exchange Commission (SEC) that it filed in June 2023.
The SEC sued Binance on allegations that the exchange <a href="https://cointelegraph.com/news/sec-sues-binance-in-us-district-court-for-unregistered-securities-operations" rel="noopener noreferrer nofollow">offered the sale of unregistered securities</a> and operated illegally in the United States.
Zhao subsequently <a href="https://cointelegraph.com/news/us-officials-announce-binance-settlement" rel="noopener noreferrer nofollow">resigned Binance and pleaded guilty</a> in November 2023. He now <a href="https://cointelegraph.com/news/changpeng-zhao-travel-uae-denied" rel="noopener noreferrer nofollow">remains in the U.S. on bail</a> with a $175 million bond after a judge rejected his petition to visit family in the United Arab Emirates. Originally scheduled for February 2024, Zhao’s sentence was <a href="https://cointelegraph.com/news/binance-founder-changpeng-zhao-sentencing-date-april" rel="noopener noreferrer nofollow">postponed to late April</a>.
CommEx’s closure also comes amid more countries scrutinizing Binance globally. On March 25, the Philippines <a href="https://cointelegraph.com/news/philippines-block-binance-exchange" rel="noopener noreferrer nofollow">blocked local user access to Binance</a>, citing concerns over the firm’s unlicensed operations in the country.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-ogs-experts-how-to-protect-your-crypto/" rel="noopener noreferrer nofollow">How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in</a>

Binance’s Russian successor CommEx to shut down in April

Cointelegraph

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