July 16, 2024
CommEx, Binance's Successor in Russia, Announces Shutdown in April
Latest Cryptocurrency News

CommEx, Binance’s Successor in Russia, Announces Shutdown in April

CommEx, the successor to Binance’s operations in Russia, has declared its decision to cease operations, marking the end of its brief tenure in the cryptocurrency exchange space.

The announcement comes amidst escalating regulatory pressures and the ongoing legal battle involving former Binance CEO Changpeng Zhao.

CommEx Halts Operations and Deposits

Following its acquisition of Binance’s Russian business in September 2023, CommEx has officially halted operations and suspended deposit services.

The exchange posted a notice on its official Telegram group, informing users about the gradual suspension of activities and advising them to withdraw their assets to third-party wallets.

According to the suspension roadmap outlined by CommEx, futures trading services will cease on March 28, with peer-to-peer exchange following suit on April 2.

By April 23, the platform plans to shut down spot trading entirely and suspend its website by May 10. Notably, users retaining assets after May 10, 2024, will incur a 1% asset management fee, as stated in the announcement.

Background of Binance-CommEx Deal

The origins of CommEx trace back to Binance’s hint at exiting the Russian market in early September 2023, coinciding with the departure of top local executives.

Subsequently, Binance announced the sale of its Russian business to CommEx, withholding details regarding CommEx’s leadership or ownership.

Despite claims of operating independently, CommEx acknowledged the presence of former Binance staff among its core members.

Global Regulatory Scrutiny and Legal Challenges

CommEx’s closure aligns with the heightened scrutiny faced by Binance globally. The Philippines recently restricted local access to Binance due to concerns over its unlicensed operations.

This development follows the ongoing legal battle between Binance and the U.S. Securities and Exchange Commission (SEC), wherein allegations of offering unregistered securities and illegal operations in the U.S. have been raised.

Former Binance CEO Changpeng Zhao resigned and pleaded guilty in November 2023, with his sentencing postponed to late April.

Conclusion

CommEx’s shutdown underscores the challenges faced by cryptocurrency exchanges amidst regulatory uncertainties and legal disputes.

The closure of the Russian successor to Binance reflects a broader trend of increased regulatory scrutiny globally, impacting the operations of major players in the cryptocurrency industry.

As the legal battle between Binance and regulatory authorities continues, the future landscape of cryptocurrency exchanges remains uncertain.

Image: Wallpapers.com

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Companies Have Only a Few Hours to Stop Cyberattacks, Cybersecurity CEO Warns

Robert Paul

Brazilian Senate Approves New Cryptocurrency Tax Regulations

Anna Garcia

Binance.US CEO Departs, Triggers 1/3 Workforce Cut

Henry Clarke

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.
Index