Binance’s buyer in Russia, CommEx, has announced a phased shutdown of its services without providing a reason for the decision. CommEx, a crypto exchange, took over Binance’s Russian business and has now revealed plans to close its operations in the country. The exchange did not elaborate on the motives behind this decision but stated that new user registrations will be suspended starting from Mar. 25 at 10:00 (UTC), and asset transfers from Binance will cease.

“With regret, after a thorough analysis of the current situation and a review of strategic plans, we are forced to announce the decision to suspend the work of the trading platform.” – CommEx

CommEx aims to fully suspend its services by May 10, as per an official statement shared on the exchange’s Telegram channel. User accounts with assets after May 10 will be subject to an asset management fee equal to 1% of assets as measured by a snapshot of user balances on the day the platform is discontinued. Crypto.news reached out to CommEx for comment but has not yet received a response.

In late September 2023, Binance announced the closure of its services in Russia and sold its local business to CommEx. The entity behind CommEx remains unclear. Upon acquiring Binance’s operations, CommEx indicated its intent to operate with more flexibility than its predecessor. For example, CommEx openly acknowledged providing services to users in Crimea, a region subject to sanctions by the U.S., the European Union, the United Kingdom, Canada, and Australia.

Despite CommEx’s efforts to attract a broad user base, the exchange seems to have faced challenges following Binance’s withdrawal of services from Russia.

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