MOSCOW, March 25Crypto exchange CommEX, the successor to the Russian business Binance, will suspend operations from March 25, and from May 10 the official website will stop working and users will not be able to access content, the trading platform said in a statement on its website.
In March 2022, Binance announced the suspension of transactions using Mastercard and Visa bank cards issued in Russia, leaving the possibility of trading only in P2P mode. Last September, Binance entered into an agreement to sell its entire Russian business to CommEX.
«»With regret, after a thorough analysis of the current situation and review of strategic plans, we are forced to announce the decision to suspend the operation of the trading platform. Operations will be phased out gradually in accordance with the schedule below, starting on March 25, 2024: March 25 at 10.00 UTC (13.00 Moscow time) “CommEX will close the registration of new users and the transfer of assets from Binance, and will also stop accepting deposits in fiat currencies and cryptocurrencies,” the message notes.
It also reports that on March 28 at 10.00 UTC — CommEX will stop opening positions on Simple Futures and Futures Trading, users will only be able to close positions and will not be able to open new ones; from April 2, at the same time, the exchange will stop publishing new announcements on the P2P marketplace, users will also not be able to create new orders for the purchase of cryptocurrency; On April 5, the trading platform will automatically close all P2P orders and advertisements.
As indicated in the message, on April 18 at 10.00 UTC, all trading pairs on simple and classic futures will be automatically closed; users are advised to close all open positions in advance to avoid automatic closure by the system.
From April 23, CommEX will close the spot market, users will not be able to place orders, and all open orders will be automatically canceled by the system, the conversion function will also be disabled; May 10 — The official website will stop working and users will not be able to access exchange-related content.
«»User accounts on CommEX that maintain assets after May 10, 2024 will be subject to an asset management fee equal to 1% of assets based on a snapshot of user balances on the day of cessation platform. We advise users to quickly close positions and withdraw their assets to third-party wallets, paying special attention to security,» the message says.
“»CommEX does not send or accept withdrawal requests via phone, text message or email. Messages sent through these methods are fraudulent,» the exchange warns.