In an unexpected twist, it has been revealed that CommEX, a
relatively unknown crypto platform, is preparing to suspend its services
gradually, commencing on March 20, 2024, and culminating in a complete shutdown
of website access by May 10, 2024. This announcement comes after CommEX had
acquired the business of Binance earlier, marking a notable shift in the
digital landscape.
The decision to wind down operations has been attributed to
“strategic adjustments,” leaving users uncertain about the future of
their digital engagements on the platform. Prior to this development, CommEX
had made headlines for its acquisition of Binance’s business, a move that had
attracted attention within the cryptocurrency community.
From: CommEX
Despite its relatively recent acquisition of Binance’s
business, CommEX now finds itself in the spotlight as it navigates the process
of offboarding its users and shutting down its services. However, details
surrounding CommEX, including its ownership and operational framework, remain
scant. According to information available on the platform’s “Terms of
Use” page, CommEX is operated by CommEX Holding Limited, a company
registered in Seychelles.
Binance’s Withdrawal from the Russian Market and Transition
to CommEX
Earlier, Binance
confirmed its complete withdrawal from the Russian market, executing an
agreement to transfer its entire business operations in Russia to the
cryptocurrency exchange platform known as CommEX. The announcement of this exit
had been made by Binance on September 27, 2023.
To emphasize the exchange’s focus on ensuring a seamless
transition for its existing Russian user base, Binance initiated an
off-boarding process that extended over the course of one year. In a statement,
Binance mentioned: “All assets of existing Russian users are safe and
securely protected.” Binance reassured its users about the safety of their
holdings throughout the transition period.
Meanwhile, a
federal court in Nigeria has granted an interim order requiring Binance, a
cryptocurrency exchange platform, to disclose information on all Nigerian users
to the Economic and Financial Crimes Commission (EFCC). The order was issued in
response to an ex parte motion by the EFCC’s lawyer, with Justice Emeka Nwite
ruling in favor of the request. This directive aims to assist the EFCC in
investigating potential cases of money laundering and terrorism financing
involving cryptocurrencies on Binance’s platform.
In an unexpected twist, it has been revealed that CommEX, a
relatively unknown crypto platform, is preparing to suspend its services
gradually, commencing on March 20, 2024, and culminating in a complete shutdown
of website access by May 10, 2024. This announcement comes after CommEX had
acquired the business of Binance earlier, marking a notable shift in the
digital landscape.
The decision to wind down operations has been attributed to
“strategic adjustments,” leaving users uncertain about the future of
their digital engagements on the platform. Prior to this development, CommEX
had made headlines for its acquisition of Binance’s business, a move that had
attracted attention within the cryptocurrency community.
From: CommEX
Despite its relatively recent acquisition of Binance’s
business, CommEX now finds itself in the spotlight as it navigates the process
of offboarding its users and shutting down its services. However, details
surrounding CommEX, including its ownership and operational framework, remain
scant. According to information available on the platform’s “Terms of
Use” page, CommEX is operated by CommEX Holding Limited, a company
registered in Seychelles.
Binance’s Withdrawal from the Russian Market and Transition
to CommEX
Earlier, Binance
confirmed its complete withdrawal from the Russian market, executing an
agreement to transfer its entire business operations in Russia to the
cryptocurrency exchange platform known as CommEX. The announcement of this exit
had been made by Binance on September 27, 2023.
To emphasize the exchange’s focus on ensuring a seamless
transition for its existing Russian user base, Binance initiated an
off-boarding process that extended over the course of one year. In a statement,
Binance mentioned: “All assets of existing Russian users are safe and
securely protected.” Binance reassured its users about the safety of their
holdings throughout the transition period.
Meanwhile, a
federal court in Nigeria has granted an interim order requiring Binance, a
cryptocurrency exchange platform, to disclose information on all Nigerian users
to the Economic and Financial Crimes Commission (EFCC). The order was issued in
response to an ex parte motion by the EFCC’s lawyer, with Justice Emeka Nwite
ruling in favor of the request. This directive aims to assist the EFCC in
investigating potential cases of money laundering and terrorism financing
involving cryptocurrencies on Binance’s platform.