CommEx starts closure procedures, tells traders to withdraw their assets

The crypto exchange will cease operations gradually starting 25 March.

CommEX – a Seychelles-registered cryptocurrency exchange that took over Binance’s Russian assets last fall - has announced its closure by summer.

The company, which put emphasis on the former Soviet states, Latin America, and Asian countries, said the operations would be ceased gradually starting 25 March.

The decision came as a result of "a thorough analysis of the current situation and a review of strategic plans."

CommEx shared a detailed schedule with the public regarding its further actions. On 25 March the registration of new users will no longer be accepted while deposits in fiat currencies and cryptocurrencies, as well as asset transfers from Binance will be locked.

On 28 March, the exchange will stop opening positions for simple futures and futures market; traders will be able to close positions but not open new ones.

On 2 April it will stop publishing new announcements on the P2P marketplace or create orders to buy cryptocurrency, and on 5 April it will automatically close all P2P orders and ads.

Further on, on 18 April, all trading pairs on simple and classic futures will be automatically halted, and five days later 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.

More to read:
Binance exits Russian market, sells business to obscure firm

The company’s official website will be disabled on 10 May and users will no longer be able to access content related to CommEX.

After this point of time, account owners with remaining assets will be charged a daily management fee of 1% of the asset volume. CommEX will not accept withdrawal requests via phone, text messages, or email.

CommEx was used mainly by traders from Russia who face challenges with traditional payment systems and banks as a result of Western sanctions. The crypto market offered alternatives and Binance quickly became a popular trading platform. However, Western pressure forced many crypto exchanges to abandon Russia, which added fat in the fire by adopting hostile laws for the crypto business.

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