Summary
TLDR: CommEx, hailed as the Russian alternative to Binance, is shutting down after taking over Binance’s operations in Russia. The phased closure includes halting new user registrations, asset transfers, deposits, futures trading, and peer-to-peer listings. The platform will cease operations by May 10, with a 1% management fee on remaining balances post-closure. This follows Binance’s exit from the Russian market and reflects regulatory pressures on crypto exchanges globally.
Key Points
1. CommEx, the Russian alternative to Binance, is shutting down after taking over Binance’s operations in Russia.
2. The phased shutdown process includes halting new user registrations, suspending asset transfers, stopping deposits, terminating futures trading, and ultimately ceasing operations by May 10.
3. Users are advised to close their positions and withdraw their assets to avoid a management fee of 1% on remaining balances post-May 10, reflecting the volatile nature of the cryptocurrency market amidst regulatory pressures.