Binance's Russian successor, CommEx, halting deposits and shuttering

Binance's successor in Russia, CommEx, halting deposits and undergoing phased closure

Exchanges • March 25, 2024, 9:15AM EDT

Published 1 minute earlier on

UPDATED: March 25, 2024, 9:18AM EDT

Quick Take

CommEx has halted deposits and is closing down.
The company acquired Binance’s Russian business in September of last year.

CommEx, which previously acquired Binance's Russian business in an undisclosed deal, has halted deposits and is closing down.

The Russian crypto exchange is undergoing a phased closure, beginning with today's suspension of new user registrations, per an announcement on its official Telegram channel. Asset transfers from Binance have also been suspended, as have fiat and cryptocurrency deposits

Futures trading will wind down later this week, and new peer-to-peer listings will be suspended on April 2. All existing peer-to-peer orders and listings will be automatically closed on April 5.

CommEx's spot market will close on April 23. Finally, the exchange's official website will become inaccessible on May 10.

User accounts that maintain a balance after May 10 will be subject to an asset management fee of 1% of the total value of their assets. As such, the CommEx team has recommended users promptly close their positions and withdraw their crypto assets.

As part of its efforts to fully exit Russia amid regulatory scrutiny, Binance sold its Russian business to CommEx — which officially launched immediately before the sale's announcement was made — last September.

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About Author

Adam is the managing editor for Europe, the Middle East and Africa. He is based in central Europe and was a managing editor and podcast host at the crypto exchange OKX's former research arm, OKX Insights. Before that, he co-founded BeInCrypto.com, which he elevated into one of the leading crypto media brands at its peak as the editor-in-chief. Earlier, he served as the editor-in-chief at Bitcoinist.com. Before joining the blockchain and crypto industry, he worked for Looper.com, Grunge.com and SVG.com. He tweets via @XBT002 and can be emailed at [email protected].