What work options do CommEX users have?
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Crypto exchange CommEX has announced that it will cease operations. Now Binance is looking for a new buyer of the asset. As the company stated, negotiations are already underway on the sale of the Russian business with several sites, although with which ones it is not specified. Kommersant FM’s interlocutors believe that many Asian crypto exchanges present in the country may be interested in the deal. According to experts, CommEX has about 1 million users. What analogues are there for clients? And who will become the next owner of the asset? Vladislav Viktorov will tell you.
On March 25, CommEX began to gradually wind down its work in Russia. From this day on, registration of new users was closed, transfers of assets from Binance and acceptance of deposits in fiat and cryptocurrencies stopped. Next week the P2P platform will stop working, and at the end of April the spot market will stop working. The work will finally end on May 10, when clients will lose access to the site.
It turned out that the company does not have the ability to fulfill its obligations to users after purchasing the Russian business of Binance. Cryptocurrency market analyst Viktor Pershikov is not surprised by this:
“This project did not take off; it was commercially unprofitable and ineffective before it even started. People were offered not an alternative, but simply a website called a “crypto exchange” put together on their knees in a couple of days.
Russian citizens were presented with the fact that you will not be able to work at Binance, but you can now work at CommEX. Obviously, the transition was ugly from a marketing perspective. At the same time, from the point of view of all the surveys that were conducted over the past year among participants in the crypto industry in the country, CommEX is not only not among the top ten, it is somewhere in last place, less than 1% of users work on this site.”
CommEX has already advised users to quickly close positions and withdraw assets to third-party wallets. Client accounts holding funds after May 10 will be subject to an asset management fee of 1% of the total volume. There are several options for the transition, notes the former head of Binance in the CIS, Vladimir Smerkis:
“There are BingX, OKX, Bitget, Bybit and many other platforms, mostly with Asian founders. They are still present in Russia, and I think users will move there.
But, of course, they should think in the direction of decentralized exchanges, because such or hybrid platforms allow users to store funds, and not on exchanges. Unfortunately, the regulation will most likely only become more complicated, and we should expect greater pressure on all exchanges, on all wallets, on all crypto services around the world.”
CommEX became the successor to the Russian segment of Binance in September 2023. Financial terms of the deal were not disclosed. It was reported that the agreement did not include Binance’s right to receive part of the profits after the sale and the possibility of repurchasing shares in the business. However, it is still unclear who owns CommEX. The company said that neither Binance, nor its affiliates, nor its employees have a stake in it.
Against the backdrop of anti-Russian sanctions, the next buyer of an asset is also at great risk, noted BestChange senior analyst Nikita Zubarev: “It is unlikely that any user convenience will be considered here. This is most likely just a commercial benefit. We can talk about several already operating platforms – perhaps Bybit, Gate.io. There are quite a lot of options. There may be great interest.
The only thing that arises is the question of secondary sanctions, because of which, in fact, Binance decided to abandon the Russian segment. After all, the exchange is aimed at the US market, and problems arise due to a lack of understanding of how to work with both markets.”
Meanwhile, on March 25, the cryptocurrency rate showed an increase: Bitcoin rose in price by more than 5% and rose above $71 thousand. Ethereum exceeded the $3.5 thousand mark.
Everything is clear with us – Telegram channel “Kommersant FM”.
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