Commex exchange is shutting down its operation

[sokani]

https://twitter.com/CommEX_com/status/1772227862449226126?t=lYFRhu5MGXIm_81IJmS22w&s=19

This is to bring to the notice of everyone that Commex exchange is winding down its operation. If you've any asset in the exchange, hurry now and transfer your funds to your personal wallet or other crypto exchanges if you're a day-to-day trader. According to news report, Commex exchange has started the suspension of some of it services and the website will be completely shutdown on 10th May 2024.

According to the suspension roadmap, CommEx will stop servicing futures trading on March 28 and will also start suspending peer-to-peer exchange from April 2. On April 23, CommEx plans to completely shut down the spot trading platform and suspend its website by May 10.

User accounts that retain assets after May 10, 2024 will be subject to an asset management fee of 1% of assets.

[1715623080]

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[Bitcoin_Arena]

I am a trader, but I have never come across this exchange. Perhaps they shut down because of low trading volumes, translating to no profits or operating in losses. It seems they have been in operation for less than a year. According to twitter, they joined September 2023.
The 2 reviews they also got on Trustpilot in their half year of operation were that good — https://www.trustpilot.com/review/commex.com.

[sokani]

I am a trader, but I have never come across this exchange. Perhaps they shut down because of low trading volumes, translating to no profits or operating in losses. It seems they have been in operation for less than a year. According to twitter, they joined September 2023.

Commex exchange is at 59th position by coinmarketcap ranking and it should be well known to the Russian crypto community. After Binance exited the Russia market last year september, it sold the entirety of it businesses to the new exchange and also had some key executives retained in strategic positions. I'm surprised they couldn't perform wonders with the new exchange and it has bitten the dust too early. I guess it could be operational losses as you said since no information was disclosed.

[Husires]

I remember mentioning the name of Commex when Binance wanted to leave the Russian market, and how Binance recommended users to move to it while giving them one year of safety for their assets. Therefore, it is unlikely that in less than a year they achieved losses, especially since we are in the stage of rising prices, and every platform, even if it has low liquidity volumes, will try to keep providing its services until the end of 2025, as it will be easy to attract new users due to the continuous rises in Bitcoin.

It is most likely that the stoppage is related to some regulatory restrictions or secret deals with Binance, especially since customer funds are safe even after May 10.