CommEX, the exchange responsible for managing Binance’s operations in Russia, has stunned users with its sudden announcement of ceasing operations. This decision is made without prior warning. It has left many users feeling surprised and concerned about the future of their investments. The gradual winding down of services will commence from March 25, 2024.
Binance Halts Fiat and Cryptocurrency Deposits on CommEX
Binance will also stop accepting fiat and cryptocurrency deposits and new users from signing up or sending money. This first step marks the end of CommEX and alerts users to changes. Time will remove more features from CommEX. On March 28, the exchange will stop opening Simple Futures and Futures Trading positions. Users can only close open positions. These changes will happen slowly so users can adjust their trading strategies to the new rules without too much hassle.
CommEX will stop posting P2P ads on April 2. Users will have trouble placing new cryptocurrency orders. This makes it harder for users to decide and signals the exchange’s closure. Every day, it becomes clearer that CommEX is closing. It makes people consider their cryptocurrency market options.
P2P orders and ads will close automatically on April 5 at CommEX. The platform will become less useful. Users have a limited time to complete any outstanding trades or withdrawals before the exchange closes automatically.
Users Advised to Withdraw Funds Promptly as CommEX Ceases Operations
All Simple and Classic futures trading pairs will close automatically on April 18. Traders will have few options. This is a big step toward CommEX’s closure, so traders should protect their assets now.
Eventually, CommEX’s spot market closes on April 23. Users cannot place new orders, and existing orders are automatically canceled. Customers will lose the conversion feature, making platform trading harder. CommEX closes when the spot market closes and stops trading cryptocurrencies.
CommEX’s sudden shutdown after ceasing operations has many users confused. However, officials have not explained their actions, so users do not know what will happen with their investments. Since CommEX closed, users should withdraw their funds immediately and look into other trading platforms to protect their investments. Additionally, cryptocurrency investors will closely monitor the market’s effects and lessons learned.
