CommEX Operations In Russia Now Discontinued Amid Growing Binance Challenges

Key Points:

• CommEX operations in Russia will shut down by May 10, citing strategic changes.
• Users are urged to withdraw assets by then; post-May 10 holdings may incur a 1% fee.
• The closure follows Binance’s Russian exit amid regulatory scrutiny in the Philippines and Nigeria.

A recent development in the cryptocurrency world has seen the closure of a crypto exchange that had taken over the Russian operations of Binance, the world’s largest exchange. The exchange, known as CommEX, announced on Monday its decision to gradually shut down over the next month and a half.

CommEX Operations In Russia to Cease

According to an official statement released on the exchange’s Telegram channel, CommEX operations in Russia will start suspending some of its services beginning March 25, 2024, with plans to completely shut down its official website by May 10.

This move comes as the exchange cites “strategic adjustments” as the reason behind winding down its operations, leaving users uncertain about the fate of their digital assets held on the platform.

The exchange advised its users to close positions and withdraw their assets to third-party wallets before the CommEX operations in Russia shut down, emphasizing the importance of security. Additionally, user accounts maintaining assets after May 10 will be subjected to a 1% asset management fee.

Binance Exit and Regulatory Challenges

The decision to wind down operations follows CommEX’s acquisition of Binance’s business in Russia, a move that has attracted attention within the cryptocurrency community. While CommEX operates independently of Binance, it has acknowledged that some of its core members were former Binance staff.

This closure adds to the challenges faced by Binance globally as more countries scrutinize its operations. Just recently, the Philippines blocked local user access to Binance over concerns about unlicensed operations.

Moreover, a federal court in Nigeria has ordered Binance to disclose information on all Nigerian users to the Economic and Financial Crimes Commission, leading to the detention of senior executives and ongoing legal battles.