CommEX, the cryptocurrency exchange that bought out Binance’s Russian assets, has announced that it will cease operations

Cryptocurrency exchange CommEX has announced a gradual suspension of operations on the platform. «Regrettably, after a thorough analysis of the current situation and a review of strategic plans, we are forced to announce the decision to suspend the trading platform,» said representatives of the crypto exchange.

Starting today, March 25, the exchange will close the registration of new users, stop transferring assets from Binance, and will not accept deposits in fiat and cryptocurrencies. on March 28, the opening of positions on Simple Futures and Futures Trading will end. Starting April 2, the publication of new announcements on the P2P marketplace will stop. on April 5, all P2P orders and announcements will be automatically closed. on April 18, the exchange will automatically close all trading pairs on Common and Classic Futures.

«The decision to close the CommEX trading platform was made by the exchange’s management based on a thorough strategic analysis of the market. Our team is making every effort to ensure that the shutdown goes smoothly. Users are given time to close their open positions and transfer assets to third-party wallets,» said Anton Toroptsev, director of the platform in the territory of the terrorist state of Russia and the CIS.

As a reminder, in September 2023, CommEX acquired the Russian business of Binance after the latter decided to leave the territory of the aggressor country. The migration process between the platforms was supposed to take about a year.

As of January 2024, the number of CommEX users exceeds 400,000. About 85% of customers come from Russia.

«User accounts that retain assets after May 10, 2024, will be subject to an asset management fee of 1% of the assets,» the exchange said in a statement.

Users are advised to close their positions promptly and transfer assets to third-party wallets.

As a reminder, at the end of 2023, the US Office of Foreign Assets Control (OFAC) announced that it had reached a settlement with the CoinList cryptocurrency exchange. The Russian platform will have to pay a $ 1.2 million fine to the US treasury — all because of its service to users from Crimea.

CoinList was found to be in violation of the sanctions imposed by the United States on Russia over its invasion of Ukraine. According to the US regulators, CoinList processed 989 transactions worth $ 1.25 million from users, «almost all of whom chose Russia as their country of residence, but provided mailing addresses on the Crimean peninsula when opening an account.» OFAC called these transactions a «clear violation» of sanctions against Russia.