CommEX, Binance’s Former Russian Branch, Announces Closure

CommEX, Binance’s Former Russian Branch, Announces Closure

CommEX, the cryptocurrency exchange that acquired Binance’s operations in Russia last year, has announced its decision to shut down its website by May 10. This announcement was made through a blog post on Monday, where the exchange outlined its phased closure process.

Effective immediately, CommEX has stopped registering new users and has ceased asset transfers from the Binance platform. Additionally, the company has halted its fiat and crypto deposit services, advising current users to close their positions and withdraw their assets in a timely manner.

The sale of Binance’s Russian business to CommEX in September of the previous year was part of Binance’s strategy to comply with regulatory concerns. The launch of CommEX coincided closely with the announcement of the sale. Binance clarified at the time that the sale did not include an ongoing revenue split and affirmed that Changpeng Zhao, Binance’s founder, did not own the new exchange.

This move comes amidst a backdrop of increasing regulatory scrutiny in the cryptocurrency sector. The closure of CommEX raises questions about the future of cryptocurrency exchanges in Russia and the broader regulatory landscape affecting such operations globally.

CoinDesk, the media outlet reporting this development, operates under a strict set of editorial policies and was acquired by the Bullish group in November 2023. It remains an independent subsidiary within the group, emphasizing the independence of its journalistic endeavors.

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