World Crypto Global
- Written by: Tareq Sikder
- Mon, 25 Mar 2024
- Israel
In an unexpected twist, it has been revealed that CommEX, arelatively unknown crypto platform, is preparing to suspend its servicesgradually, commencing on March 20, 2024, and culminating in a complete shutdownof website access by May 10, 2024. This announcement comes after CommEX hadacquired the business of Binance earlier, marking a notable shift in thedigital landscape.Uncertainty Looms over Users The decision to wind down operations has been attributed to"strategic adjustments," leaving users uncertain about the future oftheir digital engagements on the platform. Prior to this development, CommEXhad made headlines for its acquisition of Binance's business, a move that hadattracted attention within the cryptocurrency community.Despite its relatively recent acquisition of Binance'sbusiness, CommEX finds itself in the spotlight as it navigates the processof offboarding its users and shutting down its services. However, detailssurrounding CommEX, including its ownership and operational framework, remainscant. According to information available on the platform's "Terms ofUse" page, CommEX is operated by CommEX Holding Limited, a companyregistered in Seychelles.Binance's Withdrawal from the Russian Market and Transitionto CommEXEarlier, Binanceconfirmed its complete withdrawal from the Russian market, executing anagreement to transfer its entire business operations in Russia to thecryptocurrency exchange platform known as CommEX. The announcement of this exithad been made by Binance on September 27, 2023. To emphasize the exchange's focus on ensuring a seamlesstransition for its existing Russian user base, Binance initiated anoff-boarding process that extended over the course of one year. In a statement,Binance mentioned: "All assets of existing Russian users are safe andsecurely protected. Binance reassured its users about the safety of theirholdings throughout the transition period.Meanwhile, afederal court in Nigeria has granted an interim order requiring Binance, acryptocurrency exchange platform, to disclose information on all Nigerian usersto the Economic and Financial Crimes Commission (EFCC). The order was issued inresponse to an ex parte motion by the EFCC's lawyer, with Justice Emeka Nwiteruling in favor of the request. This directive aims to assist the EFCC ininvestigating potential cases of money laundering and terrorism financinginvolving cryptocurrencies on Binance's platform.This article was written by Tareq Sikder at www.financemagnates.com.
