- Binance CEO denies allegations of his ownership of CommEX.
- He clarified the obscure details of the sale, reiterating Binance’s non-involvement in the new crypto exchange.
The CEO of Binance Reiterates That Their Russia Exit Is Final
Following the disclosure of the sale of Binance Russia to CommEX, there have been speculations about Binance’s involvement in the newly launched crypto exchange.
CommEX was launched a day before Binance announced the sale of its Russian business to the new crypto exchange. There have been speculations that Binance might use CommEX to remain active in Russia.
The CEO of Binance, Changpeng Zhao, has denied the claims that he owns CommEX. In a post published on X, formerly Twitter, the chief executive officer of the world’s biggest crypto exchange reiterated that he does not own shares in CommEX. He also emphasized that there was no buyback option in the sale agreement made with CommEX.
“I am not their UBO, nor do I own any shares there. The deal does not have any buy-back options. (A Google search seems to show some businesses like Mercedes, McDonalds, and Nissan have buy-back options in their Russia sell-off deal. This is not the case here,)” Changpeng Zhao stated.
However, he mentioned that some Binance Russia employees might have joined the CommEX team.
This week, Binance announced its decision to leave Russia for compliance reasons. The world’s largest crypto exchange began its exit process in Russia, selling the entire business to CommEX. CommEX, known as Community Exchange, is a crypto exchange built for traders. Its website and official X(formerly Twitter) account went live on Sept. 26, a day before Binance announced the sale.
On September 26, CommEX made its first post and public announcement on X (formerly Twitter), announcing the launch of its platform. The new crypto exchange aims to revolutionize the trader’s experience. According to its website, the new crypto exchange is backed by top-tier VC. While CommEX’s first public announcement was on September 26, articles on the exchange’s website suggest that the platform has been active, and possibly accessible to the public since last month.
CommEyx, the newly launched crypto exchange, seems shrouded in uncertainties. There is no information on its management or ownership on its website. The venture capitalists who support the crypto exchange were not mentioned either.
Media outlets also reported that the similarity between Binance and CommEX’s internal API codes is suspicious.
Binance CEO Changpeng Zhao spoke on the arising suspicions of his involvement in CommEX.
He admitted that the API and designs are similar to Binance but not for the reasons speculated by crypto enthusiasts.
The chief executive officer of Binance stated that he requested the similarity in the UI and design to provide a smooth onboarding experience for its Russian customers.
In addition, he revealed that one of the terms of sale mandated the new crypto exchange to set up IP and KYC blocks for US and EU users. According to him, CommEX does not service US or EU users.
In the statement published on X, formerly Twitter, Changpeng Zhao denied the conspiracy theory of Binance’s involvement in Russia’s crypto sector through CommEX. He stated that more crypto transfers would be between Binance and the new exchange. Additionally, he alluded to older transactions between both platforms and regarded them as transactions made during the testing phase of integrations.
