The platform suspended services from March 20 and will complete the shutdown of website access by May 10.
Operated by a Seychelles-registered firm, details regarding ownership and operations of CommEX remain limited.
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.
Uncertainty Looms over Users
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 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.
Uncertainty Looms over Users
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 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.
Coinbase Enters Prediction Markets as the Amazonification of Financial Platforms Gathers Pace
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
