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Buyer of Binance Russia, announces phased shutdown



CommEX has announced the phased suspension of its operations – starting from March 2024. Per the exchange that took over the Binance business in Russia, this decision comes after carefully evaluating the current market conditions and the platform’s direction. 

CommEX is a convenient and reliable cryptocurrency exchange where users can easily purchase Bitcoin (BTC) and other cryptocurrencies with advanced trading features and robust security measures.

The platform grants access to a vast liquidity pool and a matching engine, prioritizing compliance with high integrity standards. 

Backed by top-tier crypto VCs, CommEX positions itself as a rapidly expanding exchange dedicated to providing a user-centric experience in the crypto market.

As per the company’s announcement, on March 25, 2024, at 10:00 UTC, new user registrations will be suspended, along with asset transfers from Binance. Additionally, it will cease accepting deposits in fiat currencies and cryptocurrencies.

On March 28, 2024, at 10:00 UTC, the platform will cease opening positions for Simple Futures and Futures Trading. Users will still be able to close existing positions but won’t have the option to open new ones.

Effective April 2, 2024, at 10:00 UTC, new ads on the P2P marketplace will no longer be accepted, and users will not be able to create new orders for buying cryptocurrencies. By April 5, 2024, at 10:00 UTC, all P2P orders and ads will be automatically closed by the platform.

Then, on April 18, 2024, at 10:00 UTC, CommEX will automatically close Simple and Classic Futures trading pairs. To avoid this, users are advised to close their positions ahead of time.

By April 23, 2024, at 10:00 UTC, the spot market will close, preventing users from placing new orders. Any existing open orders will be automatically canceled, and the conversion feature will be disabled. The website will be completely shut down by May 10, 2024, at 10:00 UTC.

To assist users in transitioning smoothly, CommEX announced that starting from May 10, 2024, accounts with assets will incur a 1% management fee. Users are advised to promptly close positions and transfer assets to external wallets for enhanced security.

Read also; ParaSwap starts refunding crypto following a smart contract flaw

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