CommEx, the successor to Binance's operations in Russia, has announced the termination of its operations in the country.

The crypto exchange made the announcement via its Telegram group on March 25, declaring an immediate halt to deposits and new registrations. The platform urged users to withdraw their assets to third-party wallets in preparation for its closure.

‍

Suspension Roadmap

According to CommEx's suspension roadmap, futures trading services will cease on March 28, followed by the gradual suspension of peer-to-peer exchanges starting April 2. 

By April 23, the spot trading platform will be entirely shut down, with the website going offline by May 10. Notably, users retaining assets beyond this date will incur a 1% asset management fee, as outlined in the announcement.

The decision follows Binance's sale of its Russian business to CommEx, intended to facilitate an orderly transition for users. Despite its declaration of independence from Binance, CommEx acknowledged the presence of former Binance staff among its core members. 

The sale occurred amid regulatory scrutiny, with reports surfacing regarding a Department of Justice inquiry into potential violations related to U.S. sanctions and compliance concerns.

‍

Global Scrutiny and Regulatory Challenges

CommEx's closure aligns with a broader trend of increased regulatory scrutiny facing Binance across multiple jurisdictions. Recent incidents, such as Nigeria's compensation demands of $10 billion and the Philippines' blocking of local access to Binance due to licensing issues, exemplify the challenges Binance faces globally. 

The United States Securities and Exchange Commission's lawsuit against Binance over alleged illegal operations in the U.S. further compounds the regulatory challenges faced by the exchange.