Cryptocurrency exchange Binance has announced its full exit from the Russian market, selling its local business to a new exchange called CommEx. The move comes as Binance promises its customers a seamless transition, although details about the successor exchange remain scarce.
Little Known about CommEx
CommEx, which was launched just one day before Binance's announcement, has not provided much information about its founders or background. The exchange claims to be registered in Seychelles and will serve as a global exchange, with a focus on the Commonwealth of Independent States (CIS) and Asia.
CommEx Already Listed on CoinMarketCap
Despite its recent launch, CommEx is already listed on CoinMarketCap, a major cryptocurrency tracking website that Binance acquired last year. However, rival market tracker CoinGecko does not include information about CommEx at the time of writing.
Trading Pairs and Expansion
At launch, CommEx offers 25 trading pairs, including stablecoins like Tether and Binance's BNB cryptocurrency. The exchange will initially support peer-to-peer transactions in Russia, allowing users to exchange cryptocurrencies without using fiat channels. Once fiat channels are live, the platform will also introduce spot trading of USDT against the Russian ruble.
Optional Move to CommEx
Binance users will have the option to move over to CommEx, although it is entirely optional. Users can also choose to withdraw their funds to another platform. The spokesperson for Binance clarified that it will redirect new users from Russia to CommEx, and over the next few months, Binance will gradually shut down all exchange services and business lines in the country.
Contactless Payment Tool and Location Restrictions
It is unlikely that Binance's contactless payment tool, Binance Pay, will continue to work with CommEx. Additionally, CommEx will not allow account registration or services for several locations, including the United States, Belgium, the Republic of Cyprus, the Czech Republic, the Netherlands, Singapore, Iran, and Crimea.
Questions about CommEx Ownership
After the announcement, the crypto community in Russia has raised questions about the ownership of CommEx. Some users have noticed similarities in the layouts and website pages of Binance and CommEx. There are speculations that top executives from Binance may be involved in managing CommEx.
Russia: A Significant Market for Binance
Russia has been one of Binance's largest markets, accounting for 6.9% of total visits to the Binance.com website. Binance has not commented on the founders or executives of CommEx, and CommEx's spokesperson declined to comment, stating that the firm is focused on platform optimization and stability since the website experienced high traffic following Binance's announcement.
With the sale to CommEx, Binance confirmed that it fully exits the Russian market and has no plans to return.
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