The phasing out began on March 25

Russia’s CommEX exchange will cease operations on May 10

25.03.2024 - 14:15

120

2 min

What’s new? CommEX, the exchange to which Binance sold its Russian business last September, has announced the closure. The phased suspension of operations on the platform began on March 25. CommEX said the decision was made following a “thorough analysis of the current situation and a review of strategic plans.”

Source: Twitter.com

What else is known? Under the schedule of winding down operations on March 25, the registration of new users, the ability to transfer assets from Binance, and the acceptance of any deposits: both cryptocurrency and fiat deposits were closed. On March 28, opening positions on Simple Futures and Futures Trading will be stopped, users will only be able to close positions.

Starting April 2, users will not be able to create buy orders on the P2P Marketplace, on April 5 all P2P orders and announcements will be automatically closed, and on April 18 all trading pairs on Simple and Classic Futures will be closed.

On April 23, the spot market, conversion function, and order placement facility will be closed, and open orders will be automatically canceled. Finally, on May 10, the official website of the exchange will stop working. Notably, from May 10, assets remaining in accounts will be subject to a 1% management fee.

“We advise users to promptly close positions and withdraw their assets to third-party wallets, paying special attention to security. We deeply regret the inconvenience that users may experience due to the closure of CommEX,” the company said.

Binance explained the CommEX deal by saying that “operating in Russia is incompatible with its compliance strategy.” After Binance announced its withdrawal from the Russian market, the volume of P2P operations in the country decreased by 10-30%.

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy