CommEX Announces Phased Suspension of Operations Starting March 2024
Cryptocurrency exchange CommEX has recently announced the phased suspension of its operations, starting from March 2024. The decision comes after a careful evaluation of the current market conditions and the platform’s direction.
A Convenient and Reliable Exchange
CommEX is known for being a convenient and reliable cryptocurrency exchange where users can easily purchase Bitcoin (BTC) and other cryptocurrencies. The platform offers advanced trading features and robust security measures, granting access to a vast liquidity pool and a matching engine while prioritizing compliance with high integrity standards.
Rapidly Expanding Exchange
Backed by top-tier crypto VCs, CommEX positions itself as a rapidly expanding exchange dedicated to providing a user-centric experience in the crypto market. However, the recent announcement of the phased suspension of operations has caught many users by surprise.
Phased Suspension Timeline
According to the company’s announcement, the suspension will be carried out in phases. Starting on March 25, 2024, new user registrations will be suspended, along with asset transfers from Binance. The platform will also cease accepting deposits in fiat currencies and cryptocurrencies.
On March 28, 2024, the platform will stop opening positions for Simple Futures and Futures Trading. Users will still be able to close existing positions but won’t have the option to open new ones. By April 2, 2024, new ads on the P2P marketplace will no longer be accepted, and users will not be able to create new orders for buying cryptocurrencies.
Smooth Transition for Users
To assist users in transitioning smoothly, CommEX announced that starting from May 10, 2024, accounts with assets will incur a 1% management fee. Users are advised to promptly close positions and transfer assets to external wallets for enhanced security.
The platform will be completely shut down by May 10, 2024, at 10:00 UTC. Users are encouraged to stay updated on the timeline of the phased suspension and take necessary actions to safeguard their assets during this transition period.
