CommEx, Successor to Binance in Russia, Announces Closure

CommEx, the successor to Binance in Russia, has declared the cessation of its operations and ceased accepting deposits. Following its acquisition of Binance's Russian business in September 2023, CommEx is now winding down its platform.

The announcement, made on CommEx's official Telegram group on March 25, informed users of the immediate halt in deposits and the suspension of new registrations. Users were advised to withdraw their assets to third-party wallets promptly.

CommEx Announces Closure Roadmap Amidst Binance Relationship Speculation

As per the suspension roadmap, CommEx will discontinue futures trading on March 28 and begin suspending peer-to-peer exchange from April 2. By April 23, the platform plans to completely shut down spot trading and suspend its website by May 10. Users retaining assets after May 10, 2024, will be subject to a 1% asset management fee, as stated in the announcement.

The origins of CommEx trace back to Binance's hint at exiting Russia in September 2023, with top local executives stepping down. Subsequently, Binance sold its Russian business to CommEx, a newly established exchange, without disclosing details about its founders or executives. Although CommEx asserted its independence from Binance, it admitted that some core members were former Binance staff.

CommEx Closure Amidst Global Regulatory Scrutiny of Binance and Former CEO

The closure of CommEx occurs amidst heightened scrutiny of Binance globally, including a lawsuit filed by the Securities and Exchange Commission (SEC) in the United States. Former Binance CEO Changpeng Zhao, who resigned in November 2023 and pleaded guilty, awaits sentencing in late April. The closure also coincides with the Philippines blocking local access to Binance due to concerns over unlicensed operations in the country.