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Commex, the Russia-based cryptocurrency exchange which replaced Binance and took over its activities in September, 2023, reports that it is shutting down. On the 25th of March, the platform declared the closure with a month-long notice period for users to withdraw their assets by May 10.
They shared the announcement through a post on X stating that:
“We regret to inform you that CommEX is winding down its service starting March 25, 2024. All services will be completely terminated by May 10, 2024.”
They also went ahead to share the news on their CommEx’s official Telegram group so as to alert as many users as possible. However, the exchange will stop some of its services. Upon March 28th, trading in futures contract will halt; while peer-to-peer function will shut down on April 5th, The last night of trading, spot and contract, will be the one of April 23rd. The last day our website will be available is May 10th.
The reasons why the company decided to close are still unknown. The main reason for regulatory pressure was the sanctions regime, which is why Binance sold its interest in a Russian business to CommEx last year.
This shutdown comes as a huge disappointment for Russian crypto users who were really hoping for the exchange after Binance’s departure.
Also read:Binance Regional Manager Escapes Custody in Nigeria
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