CommEX Announces Gradual Suspension of Operations from March 25
The cryptocurrency exchange CommEX announced a gradual suspension of operations.
“Regrettably, after a thorough analysis of the current situation and a review of strategic plans, we are compelled to announce the decision to suspend the operation of the trading platform,” stated representatives of the platform.
From March 25 at 10:00 UTC (13:00 MSK), the exchange will close registration for new users, halt asset transfers from Binance, and stop accepting deposits in fiat and cryptocurrencies.
On March 28, the opening of positions in Simple Futures and Futures Trading will cease.
From April 2, new listings on the P2P marketplace will be discontinued. On April 5, all P2P orders and listings will be automatically closed.
On April 18, the exchange will automatically close all trading pairs in Simple and Classic Futures.
From April 23, the spot market will close. On May 10, the official CommEX website will cease operations.
“User accounts retaining assets after May 10, 2024, will incur a management fee of 1% of the asset volume,” the exchange stated.
Users are advised to promptly close positions and withdraw assets to external wallets.
“The decision to close the CommEX trading platform was made by the exchange’s management following a thorough strategic market analysis. Our team is making every effort to ensure a smooth suspension of operations. Users are given time to close open positions and withdraw assets to external wallets,” said Anton Toroptsev, the regional director of the platform in Russia and the CIS, in a comment to ForkLog.
Following the announcement, CommEX users attempting to withdraw funds encountered technical issues. In the official Telegram group, they complained about delays in processing transactions and notifications of exceeding the daily withdrawal limit.
Back in September 2023, CommEX acquired the Russian business of the bitcoin exchange Binance following its decision to exit Russia. The migration process between platforms was expected to take about a year.
As of January 2024, the number of CommEX users exceeds 400,000. Approximately 85% of clients are based in Russia.
On February 21, the exchange reported temporary difficulties with ruble withdrawals through the fiat channel.
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