ChainCatcher news, Binance's Russian business buyer CommEx officially announced today that it will gradually cease operations. CommEx will suspend new user registrations starting at 18:00 Beijing time on March 25 and will stop transferring funds from Binance. The official website will close at 18:00 Beijing time on May 10, and users will no longer be able to access CommEx's related content.Previous report, in September last year, Binance announced its complete withdrawal from the Russian market, with related businesses being sold to CommEx, stating that the exit process would last for a year to ensure a smooth exit for existing Russian users. However, in reality, there are less than six months left until Binance's Russian users exit.Related reading: 《Why is Binance in a hurry to sell its Russian business to a newly launched exchange?》

ChainCatcher news, the Russian cryptocurrency exchange CommEX has launched a loyalty program and announced the first airdrop. As of December 27, 1 million reward points will be distributed to active traders. Participation in Simple Futures trading volume must exceed 100 USDT.

According to ChainCatcher news and the official announcement, Binance P2P will stop supporting Russian Ruble (RUB) trading pairs from January 31, 2024, at 08:00 Beijing time, including P2P trading pairs such as USDT/RUB, BTC/RUB, FDUSD/RUB, BNB/RUB, ETH/RUB, BUSD/RUB, and RUB/RUB.After that, users can continue to trade Russian Ruble P2P for free on CommEx.

ChainCatcher news, CommEx, the buyer of Binance's Russian business, reiterated in an open letter that the company is not owned by Binance, stating, "While we do not disclose our ultimate beneficial owners (UBO), we want to make it clear that we are not owned by Binance."Nevertheless, CommEx acknowledged that some members of its core team are former employees of Binance and stated that they have learned a lot from Binance's product and operational experience. Additionally, CommEx has adopted aspects from Binance, such as design, API, and terms of use.

ChainCatcher news, Binance founder Changpeng Zhao stated on social media that there will be cryptocurrency transfers between Binance and CommEx as users migrate their funds. During the integration testing phase, there may still be some old transactions, which is normal. Some former Binance team members may join the CommEx team or have already done so.In addition, Zhao mentioned that the design, API, and other aspects of CommEx are similar to Binance. This design requirement is to ensure a smooth user experience. CommEx does not provide services to users in the United States or the European Union.Zhao is not the ultimate beneficial owner (UBO) of CommEx and does not own any shares. This transaction does not have a buyback option.

ChainCatcher message, Zhao Changpeng stated on social media that BNB holders still enjoy a 25% trading fee discount on CommEX.

ChainCatcher news, according to an official announcement, Binance has reached an agreement to sell its entire Russian business to CommEX. To ensure a smooth exit for existing Russian users, the exit process will last for one year. All assets of existing Russian users will be securely protected."Looking ahead, we recognize that operating in Russia is not aligned with Binance's compliance strategy," said Binance Chief Compliance Officer Noah Perlman. "We remain confident in the long-term development of the Web3 industry globally and will focus our efforts on the other 100+ countries where we operate."Binance and CommEX will work together to inform users how to migrate their assets to CommEX. Part of the KYC registration for new Russian users will be immediately transferred to CommEX and will gradually expand over time. In the coming months, Binance will cease all exchange services and business lines in Russia. Binance will not receive ongoing revenue sharing from this sale, nor will it retain any options to repurchase business shares.It is reported that CommEX is a cryptocurrency platform that officially launched on September 26, and in addition to providing cryptocurrency trading services, CommEX also offers a wide range of cryptocurrency product suites, including spot, futures, simple futures, and P2P services.