CommEX to Shut Down Months After Taking Over Binance's Russian Business

CommEX, a crypto trading platform that gained attention for acquiring Binance's business, is now gradually suspending its services.

As stated on its official website, "We regret to inform you that CommEX is winding down its service starting March 25, 2024. All services will be completely terminated by May 10, 2024." It also synchronized this news on its social media platform X yesterday, and urged users to close their positions and withdraw assets as soon as possible.

In September last year, the newly established CommEX reached an agreement​ with the crypto exchange giant Binance, acquiring their entire Russian business. This move allowed Binance to completely withdraw from the Russian market.

Despite industry insiders speculating that CommEX might be a Binance-created brand to evade Western sanctions against Russia, Binance denied these claims.

Binance has been investigated and sanctioned by regulatory agencies in many countries in recent years. Just this week, the exchange faced severe crackdowns from regulators in Nigeria​ and the Philippines. The Nigerian authorities accused Binance of tax evasion, while the Securities and Exchange Commission (SEC) of the Philippines directly blocked the platform for operating without a license.