CommEX is struggling to attract Russian clients
Russian traders are choosing alternative platforms for crypto trading. Despite acquiring Binance's Russian business, CommEX has not become the preferred choice.
Russian clients, who were once loyal to Binance, began exploring various platforms to continue their crypto trading activities. However, CommEX, despite acquiring Binance's Russian business, hasn't emerged as the top choice for many of these traders.
Data reveals a noticeable decline in peer-to-peer (P2P) operations, with a drop ranging between 10% to 30%, as highlighted by Dmitry Stepanin, the CEO of Satoshkin. Binance started 2023 with approximately 7,700 daily ruble P2P transaction ads, as per P2P.Army data. By the middle of the year, this number had decreased to 6,300, and by September's end, it had further dwindled to 3,400. As of October 3, data for ruble transactions on Binance was unavailable.
While CommEX anticipated a significant influx of users, many traders have gravitated towards other platforms. Bybit, in particular, has seen a surge in Russian users, primarily attributed to its aggressive marketing campaigns. Other exchanges similar to Binance, including Huobi, Bitget, Kucoin, and Gate.io, have also witnessed increased activity.
P2P.Army's data provides a clearer picture of this trend. For instance, Huobi's ad count, which stood at 3,900 to 4,000 in the first half of the year, rose to 4,300 in September and further to 4,500 in October. Bybit's ad count, which was around 1,800 during the first half of the year, surpassed 2,700 by October.
CommEX's expectation of attracting 1 million customers now seems overly optimistic, especially considering that Binance had around 700,000 registered Russian users.