CryptoSphere by AsCurrency

CryptoSphere: cryptocurrency news, market analysis, blockchain trends and investments. Your essential guide to the digital economy

Russian Binance Alternative, CommEX, Closes Down


CommEx, the crypto exchange heralded as the Russian alternative to Binance, announced it is shutting down.

This development comes after CommEx took over Binance’s operations in Russia in a deal that was shrouded in secrecy. The announcement, made through its official Telegram channel, outlined a phased shutdown process beginning with the cessation of new user registrations effective immediately.

Crypto Exchange CommEX Closes Doors

CommEx’s decision to halt operations has sent ripples through the cryptocurrency community in Russia. The phased closure will see the suspension of asset transfers from Binance, alongside a stop on all fiat and cryptocurrency deposits starting today.

This move precedes the termination of futures trading set for later this week and the suspension of new peer-to-peer listings by April 2. The closure timeline extends to April 23, when the spot market will cease operations, culminating in the crypto exchange’s website becoming inaccessible by May 10.

“We are forced to announce a gradual suspension of operations on the CommEX platform starting March 25, 2024. We recommend promptly closing positions and withdrawing assets to external wallets,” CommEx wrote.

In light of these developments, CommEx has advised its users to expediently close their positions and withdraw their cryptocurrencies to avoid a management fee of 1% on remaining balances post-May 10. This fee imposition indicates a firm end to the platform’s activities, pushing users to secure their investments without delay.

Now, as CommEx ceases operations, the market faces new challenges and uncertainties. This situation reflects the volatile nature of the cryptocurrency market, not just in Russia but globally, with regulatory pressures continuing to shape the operations of crypto exchanges.

Top crypto platforms in the US | March 2024


Coinbase

Coinbase
Explore →

AlgosOne

AlgosOne
Explore →

Chain GPT

Chain GPT
Explore →

iTrustCapital

iTrustCapital
Explore →

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.


Conclusion

In conclusion, the closure of CommEx, the crypto exchange positioned as the Russian alternative to Binance, has sent shockwaves through the cryptocurrency community in Russia. The announcement of the phased shutdown process, starting with the cessation of new user registrations, marks the end of an era for the platform. Users are advised to close their positions and withdraw their assets promptly to avoid a management fee of 1% on remaining balances post-May 10. This development highlights the evolving and volatile nature of the cryptocurrency market, both in Russia and globally, as regulatory pressures continue to impact the operations of crypto exchanges.

  • bitcoinBitcoin (BTC) $ 65,380.00
  • ethereumEthereum (ETH) $ 3,421.82
  • bnbBNB (BNB) $ 585.71
  • solanaSolana (SOL) $ 137.53
  • xrpXRP (XRP) $ 0.496770
  • cardanoCardano (ADA) $ 0.375352
  • shiba-inuShiba Inu (SHIB) $ 0.000018
  • polkadotPolkadot (DOT) $ 5.88