Cryptocurrency exchange CommEX, which acquired Binance's business in Russia last September, will permanently cease operations on May 10 this year.
Tomorrow, April 18, the trading platform will close all trading pairs on the futures market. Spot trading will stop next week.
What should users do?
On March 25, CommEX announced it was winding down all operations. According to representatives, they came to this decision after analyzing the current situation. In addition, this was also influenced by a review of the site's strategic plans.
Since the day of the announcement, the crypto exchange has stopped registering new users, accepting deposits and transfers from Binance.
April 18th at 13:00 Moscow time CommEX will close the futures market – all trading pairs will be automatically closed by the system. Traders need to close all their positions in advance, otherwise they may lose their funds.
Next week, April 23, the crypto exchange will also close the spot market. All open orders will be automatically canceled by the system. To avoid undesirable consequences, users need to take care of this issue in advance.
May 10 The official CommEX website will stop working. Starting from this date, all user accounts with remaining assets will be subject to a fee of 1% of the amount stored in the wallet.
Consequences of CommEX closure
CommEX was one of the key platforms after the purchase of Binance's business in Russia and the CIS countries. This made it a significant player in the market – within a few months after the launch, the number of platform users exceeded 500 thousand people. In addition, the exchange was also actively developing its tools, including the P2P platform.
Now Russian crypto traders are again forced to look for alternatives. Against the backdrop of the closure of CommEX, OKX traffic from Russia increased. In March, the figure jumped by 53.87%.
According to statements from Binance representatives, the trading platform did not fulfill the necessary obligations that were provided for in their agreement. The crypto platform is not abandoning its plans to leave Russia. She is currently in talks with other platforms to sell her business.
Meanwhile, two former top managers of the world's largest crypto trading platform, Gleb Kostarev and Vlad Smerkis, presented a new project called Blum. This is a hybrid crypto-exchange, on which users will be able to trade through a mini-application in Telegram.
Source: Cryptocurrency
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