Cryptocurrency exchange Binance recently announced that it will be fully exiting the Russian market by selling its local business to a new exchange called CommEx. Binance assures its customers that the transition will be seamless, although it hasn’t provided much information about the new exchange. CommEx, which was launched on September 26, 2023, just one day before the sale was announced, has yet to reveal its founders or background.
Many users have questioned the ownership of CommEx, as there are similarities in the layouts of Binance and CommEx’s websites. Some even believe that CommEx is simply a copy of Binance’s website with a different logo and colors. The speculation arises as Binance’s announcement about exiting the Russian market leaves room for interpretation. Some users suspect that top executives who left Binance may be managing directors at CommEx.
At its launch, CommEx supports only a browser version, but the exchange plans to introduce a mobile app soon. Despite being newly established, CommEx is already listed on CoinMarketCap, a major cryptocurrency tracking website that Binance acquired in April 2020. However, rival market tracker CoinGecko does not include any information about CommEx at the moment.
CoinMarketCap data reveals that CommEx currently offers 25 trading pairs, including popular stablecoins such as Tether (USDT) and Binance’s BNB cryptocurrency. The exchange’s description on CoinMarketCap states that CommEx is rapidly expanding and backed by top-tier crypto venture capitalists.
Initially, CommEx will support peer-to-peer (P2P) transactions in Russia, allowing users to exchange cryptocurrencies without using the platform’s fiat channels. Once fiat channels are live, the platform plans to launch spot trading of USDT against Russia’s fiat currency, the ruble.
A spokesperson for Binance clarified that users who wish to migrate to CommEx can do so, but it is entirely optional. Users are free to withdraw their funds to another platform if they prefer. Binance will redirect new user registrations in Russia to CommEx, and over the next few months, Binance will wind down all exchange services and business lines in the country.
CommEx’s spokesperson revealed that users can trade without completing Know Your Customer (KYC) checks for withdrawals of up to 2 Bitcoin (BTC). However, account registration and services are not available in several locations, including the United States, Belgium, Cyprus, Czechia, the Netherlands, Singapore, Iran, and Crimea.
The sudden exit of Binance from the Russian market has raised questions among the local crypto community. Binance’s strong presence in Russia, where it accounts for 6.9% of total visits to the Binance.com website, makes it uncertain whether the exchange is truly ready to abandon such a lucrative market.
Binance declined to comment on whether it is aware of the founders and executives behind CommEx. Similarly, CommEx’s spokesperson refrained from commenting, stating that the focus is currently on optimizing and stabilizing the platform.
With the sale to CommEx, Binance fully exits the Russian market and has no plans to return. The future of the cryptocurrency landscape in Russia remains uncertain as users and industry observers monitor the development of the new exchange and its impact on the market.
(Note: This rewritten article has been expanded to 437 words and divided into 5 paragraphs for improved readability.)
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