CommEx Takes Over Binance, But Shuts Down Operations Shortly After
The Russian successor of Binance, CommEx, has announced its imminent closure. The platform has stopped accepting new deposits and registrations. This decision comes after the acquisition of Binance’s Russian operations in September 2023, with details of the transaction remaining confidential.
The official announcement of CommEx’s cessation of activities was made through their official Telegram group on March 25th, marking the beginning of a gradual suspension of operations.
We are obliged to announce the gradual suspension of operations on the CommEx platform. User accounts that retain assets after May 10, 2024, will be subject to a 1% asset management fee.
CommEx
In light of this closure, CommEx has provided a detailed schedule. Futures trading will cease on March 28th, followed by the discontinuation of peer-to-peer trading on April 2nd. April 23rd will mark the end of Spot trading, and the website will be permanently offline on May 10th. A special note has been added regarding user accounts that retain assets after this date, stating that they will be subject to a 1% asset management fee.
Background, Implications, and Global Challenges
Binance’s departure from Russia and the transition to CommEx had already been a topic of discussion, with Binance signaling its intention to leave the Russian market in early September 2023. The transfer of operations to CommEx, although claimed to be independent, involved key members who were formerly with Binance Russia, adding to the mystery of the transaction.
The similarity between the websites of CommEx and Binance.US fueled speculation, with a significant portion of traffic on Binance.com originating from Russia.
This closure is part of a larger context of regulatory challenges for Binance. Binance founder Changpeng Zhao, also known as CZ, is facing lawsuits in the United States for allegations including the offer and sale of unregistered securities.
Furthermore, CommEx’s announcement comes at a time when other nations, such as the Philippines, are taking action against Binance for unlicensed operations.
