The CommEX crypto exchange, which took over the Russian business of Binance in September 2023, announced the cessation of work, reports “RBC-Crypto”.
From March 25, the exchange will begin a gradual suspension of operations “after a thorough analysis of the current situation and a review of strategic plans.”
Starting March 25, 13:00 Moscow time, CommEX will close the registration of new users and the transfer of assets from Binance, and will also stop accepting deposits in fiat currencies and cryptocurrencies. Starting March 28 (at 13:00 Moscow time), the exchange will stop opening positions on the futures market (Simple Futures and Futures Trading). Users will only be able to close previously opened positions.
On April 2, CommEX will stop publishing new advertisements on the p2p marketplace. Users will also be unable to create new orders to buy cryptocurrency. At 13:00 Moscow time on April 5, the exchange will automatically close all p2p orders and advertisements.
On April 18, all trading pairs on the futures market will be automatically closed, and from April 23, CommEX will also close the spot market. Users will not be able to place orders and all open orders will be automatically canceled by the system. The conversion function will also be disabled. Users are advised to close all open positions in advance to avoid automatic closure by the system.
Finally, on May 10, the exchange's official website will go down and users will not be able to access CommEX-related content.
User accounts on CommEX that maintain assets after May 10, 2024 will be subject to an asset management fee equal to 1% of the assets held on the date the platform is discontinued. Non-stablecoin assets will be converted to USDT.
Source: Cryptocurrency
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