Binance’s buyer in Russia, CommEx, has declared a phased shutdown of its services without providing a reason for the decision.
CommEx, a crypto exchange, which took over Binance’s Russian business following the latter’s departure from the country, has announced plans to shutter operations in Russia.
While the exchange has refrained from elaborating on the motives behind this decision, it outlined that starting from Mar. 25 at 10:00 (UTC), new user registrations will be suspended, 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
The exchange aims to fully suspend its services by May 10, according to an official statement shared on the exchange’s Telegram channel.
CommEx added that uer accounts that maintain 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 heard back.
This story is developing. Stay tuned for updates.