CommEX struggles to attract Russian clients as Binance exits
Russian clients of Binance, following its exit from the region, are shifting to various platforms for crypto trading. However, it is emerging that CommEX, the company that acquired Binance’s Russian business, isn’t a preferred choice for many clients . Thus far, peer-to-peer (P2P) operations have fallen by between 10 and 30%, as noted by Satoshkin CEO Dmitry Stepanin. You might also like: CommEX, platform that acquires Binance Russia, will offer services in Crimea At the start of 2023, Binance had around 7,700 daily ruble P2P transaction ads according to P2P.Army data. By mid-year, this dropped to 6,300, and by the end of September, it was down to 3,400. As of October 3, there was no data available for ruble transactions on Binance. Many crypto traders have shifted to Bybit, mainly due to its active marketing efforts, while other exchanges similar to Binance, such as Huobi, Bitget, Kucoin, and Gate.io, have also seen increased activity. P2P.Army data shows that...