CommEX, the Russian cryptocurrencycurrency exchange that took over Binance’s activities in September 2023 and replaced it, has announced its closure. The site announced its closure on March 25 and gave customers till May 10 to withdraw their things.
They revealed the news on X with a post that read:
‘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.’
It’s still unknown why the company decided to close. The sanctions regime was the biggest source of regulatory pressure, so Binance sold CommEx’s interest in a Russian company last year.
In addition, they shared the information on their official Telegram group for CommEx in an effort to reach as many users as possible. The exchange will, however, terminate a few of its offerings. Futures contract trading will be discontinued on March 28. Peer-to-peer trading will terminate on April 5. The final night for spot and contract trading will be April 23. Our website will no longer be available after May 10th.
Russian cryptocurrencycurrency consumers were quite unhappy by the suspension, as they had high expectations for the exchange following Binance’s exit.
Read also: Crypto Adoption Has Surprisingly Surged in Russia, But Regulatory Clouds Remain
