Cryptocurrency exchange Binance has commented to ForkLog on the closure of the trading platform CommEX, to which it sold its Russian business in September 2023.
According to a spokesperson for the exchange, CommEX failed to meet its obligations to Binance under the terms of the agreement.
“This decision in no way affects our obligations to our existing Russian users, whose digital assets remain secure, although users can no longer transition to CommEX,” the spokesperson stated.
The spokesperson also emphasized that Binance’s decision to exit the Russian market remains unchanged. The platform is currently in discussions with several other service providers regarding the sale of its business in Russia.
“We plan to fully wind down all exchange services and business operations of Binance in Russia, making every effort to ensure a seamless experience for users during this transition,” the company representative added.
Earlier, starting from March 25, CommEX began suspending operations on the platform. From May 10, the exchange’s website will become unavailable.