CommEX, Owner of Binance's Former Russian Ops, to Close Down

Crypto exchange Binance sold the entirety of its Russian business to CommEX in September last year following compliance concerns.

CommEX exchange said it plans to shut down its website by May 10.

• The company bought Binance's Russian exchange last year.

Crypto exchange CommEX, the owner of Binance's former Russian operations, plans to completely shut down its website on May 10, according to a blog post on Monday.

CommEX said that it has already begun to suspend certain services. Starting Monday, new users will no longer be able to register on the platform, and asset transfer from the Binance platform will cease. The company has also discontinued its fiat and crypto deposit services.

“We advise users to promptly close positions, withdraw assets, and manage their assets on the platform,” the statement said.

Crypto exchange Binance sold the entirety of its Russian business to CommEX in September last year following compliance concerns. The exchange officially launched the day before the news was announced. At the time, Binance said there would be no ongoing revenue split from the sale, and its founder, Changpeng Zhao, denied that he owned the exchange.

Edited by Aoyon Ashraf.