In the fall of 2023, the largest crypto exchange Binance announced its departure from the Russian Federation. Then still acting head Changpeng Zhao sold the Russian business to the CommEX platform. The new owners promised to keep the familiar interface and gradually add options previously available on Binance. Users were offered convenient conditions for switching to the platform. The procedure is planned to be completed by February 2024. In the article – how to switch and transfer from Binance to CommEX assets. Commissions for sending coins can not be paid.
How to link CommEX and Binance accounts
You can create a profile on the new exchange in the traditional way. But Binance users were offered a special option – to link exchange accounts. The instructions are as follows:
- On the CommEX website, click on the “Registration” button. You can switch to Russian in advance.
- Select the “Register on Binance” method.
- The program will transfer to the site of the Binance exchange. You need to enter your linked email or phone number and click on the “Next” button.
- The program will automatically return to the CommEX site.
- Select the method of authorization – by e-mail or phone number. Enter your data.
- The program will ask you to specify your date of birth. Only adult users can register an account. A newcomer will be assigned a unique identifier (UID). If available, you can specify a referral ID to get a discount on transactions.
- Agree to the terms of service and click on the “Create Account” button.
Before transferring assets to Commex, it is necessary to set up account protection. It is recommended to enable two-factor authentication, anti-phishing code and create a whitelist of IPs for money withdrawal.
The rest of the options are optional. Instructions on how to configure the settings:
- Go to the “Security” section.
- Choose the method of authentication – with the help of Google Authenticator or by SMS. In the first case, you will need to download the program to your smartphone and follow the instructions. In the second case, you need to bind your phone number to receive the codes.
- To activate the anti-phishing code, press the “Enable” button opposite the option. Run the program in a new window. The code should be saved in a safe place.
- To create a white list of addresses, click the slider opposite the option. Next, you should specify trusted wallets according to the instructions.
Whether re-verification is necessary
KYC can also be transferred. In this case, you will only need to provide documents to Commex to increase withdrawal limits and access to P2P. There is no reverse function. It is impossible to verify a Binance account through CommEX.
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It is possible to link exchange profiles until January 31, 2024.
How to quickly transfer cryptocurrency from Binance to CommEX
In October 2023, Binance opened the automatic sending of coins to the linked platform. Transfer crypto from the Binance exchange to CommEX in the app and on the website can holders of popular assets. At first, the option was added for BNB, ETH, USDT and DTC. Then the list was expanded.
In December 2023, Binance customers can transfer funds in two ways:
- Manually. You need to create and copy the cryptocurrency address on CommEX, paste it into the output field on Binance and start the transaction. This method is available for all coins.
- Automatically. The transaction is performed on Binance. 9 popular coins and rubles are available for sending.
What is needed for the transfer
To manually send cryptocurrencies, it is enough to specify the address of the wallet on Commex. It is not necessary to synchronize accounts. The available limit of funds is determined by the level of verification.
For automatic transfer, the profiles of both exchanges must be linked. Binance added the option to help Russian users quickly move to the new platform. Therefore, the transfer limits are wide.
For example, you can send up to 1.5 million USDT per day or other asset equivalents.
Supported assets
Binance is gradually increasing the list of coins for automatic transfer to the new platform. In December 2023, you can quickly transfer:
- Bitcoin.
- Binance Coin.
- Ethereum.
- Dogecoin.
- Litecoin.
- Solana.
- Trust Wallet Token.
- Tether.
- Ripple.
In November, rubles were added to this list. The option is available for customers who have a fiat account in RUB.
Step-by-step instructions
First you need to link CommEX and Binance wallets to make a transfer. After that, you need to create accounts for coins on the new platform. The requisites will be required for the automatic transfer of assets. Next steps:
- Log in to the Binance exchange with your login and password.
- On the toolbar on the left, select “Assets”, then “Wallet Overview”. A page with available assets will open.
- In the “Third-party wallet” tab, select CommEX.
- The program will offer to switch to a new platform and synchronize accounts. It is necessary to click on the “Connect to CommEX” button, then – “Sign in via Binance”.
- If everything is done correctly, the program will inform you that the transfer of funds will be available in 24 hours.
- After 24 hours, log in to your Binance profile and open “Wallet”.
- Select an asset (for example, USDT), specify the transfer amount. If the recipient’s address is correct, it will be displayed on the screen.
- Confirm the operation.
After that you should go to CommEX and check the balance. The funds will be credited instantly. They can be used for any operations on the exchange. It should be taken into account that the platform is new, so only basic functions are available to clients for now. In December 2023, transactions worth $2.2 million per day will take place here.
Commissions
Binance does not charge a commission for the automatic transfer of funds to the successor platform. For manual transfers, standard blockchain commissions apply. In the table, you can compare the current fees for popular coins.
In December 2023, the crypto exchange does not accept deposits in rubles. Funds from the fiat balance can be withdrawn to the successor platform without commissions or to Payeer, Advcash e-wallets, paying 1%.
Pros of switching from Binance to CommEX
After the closure of the Russian business of Binance, users have a choice – to transfer assets to a platform with similar functions or synchronize the account with the successor exchange. Pros of switching to CommEX:
- There is no need to fear sanctions and blocking.
- The platform is focused on the markets of Russia and CIS countries. The functionality is designed to meet the needs of the target audience.
- No need to undergo KYC. Verification is automatically transferred when accounts are synchronized.
- You can transfer assets to a new crypto exchange in a few clicks – free of charge and without delays.
- Ruble pairs on spot and P2P are supported. Russian bank cards can be used.
- High deposit and withdrawal limits without KYC. No restrictions on cryptocurrency deposits. You can withdraw up to 2 BTC per day.
BNB holders get discounts on commissions.
Frequently Asked Questions
π° What assets can be bought and sold on the P2P platform Commex?
In December 2023, the service supports BTC, ETH, BNB, USDT, DAI stablecoins and fiat ruble.
π What will happen if you don’t transfer assets from Binance by February 2023?
The platform will stop supporting users from the Russian Federation. Access will be closed, funds will be lost.
β Is it possible to steak coins on Commex?
As of December 2023, the option is not available. Developers are gradually adding new features. It is likely that steaking will appear in 2024.
π‘ CommEX is created by Binance developers?
According to the official version, Binance sold the business in Russia to the creators of CommEX. There is little information about the developers of the platform on the web. The exchanges have similar functionality. This gives rise to speculation about the connection between the platforms.
β When accounts are synchronized, are open positions transferred?
No. Only funds from exchange wallets can be withdrawn.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
