Key Points:
- CommEx’s Persistent Denial: CommEx vehemently denies Binance’s ownership involvement, despite suspicions.
- Former Binance Staff Transition: Former Binance CIS employees reportedly join CommEx, raising eyebrows.
- Similarities and Speculations: Similar website design and APIs fuel speculations of Binance’s covert role.
The purchaser of Binance’s Russian division has categorically denied any involvement of Binance in the company’s ownership, even as skepticism regarding CommEx continues to mount. CommEx, a newly established entity, has consistently refuted any association with Binance, despite six months of platform development. Additionally, CommEx acknowledged the inclusion of former Binance personnel within its ranks.
On September 29, CommEx released an open letter to the public reiterating that Binance no longer owned the company, following Binance’s decision to exit Russia and sell the firm to CommEx. “While we do not disclose our Ultimate Beneficial Owner (UBO), we want to emphasize that Binance is not our owner,” declared CommEx on its website. A spokesperson for CommEx declined to comment or disclose ownership details to external sources.
CommEx, in an official announcement, described itself as a dynamic and efficient startup team composed of numerous passionate individuals from diverse backgrounds, noting the presence of former Binance employees among its core members.
CommEx divulged that it had been in development for six months, during which it onboarded former Binance veterans. This allowed them to draw from Binance’s product and operational experiences, establishing indirect connections with the company.
Despite the involvement of former team members from Binance’s Commonwealth of Independent States (CIS) division, Binance has no ownership stake in CommEx, as confirmed in the announcement.
On September 28, Binance CEO Changpeng Zhao mentioned on social media that former Binance CIS employees might join or have already joined the new firm, expressing approval of this development.
Some answers about Binance/CommEx.
There will be crypto transfers between Binance & CommEx as users migrate with their funds. There are also older transactions during the testing phase of the integrations. This is expected.
A few ex-Binance CIS team members may join their team,…
— CZ 🔶 Binance (@cz_binance) September 28, 2023
Zhao clarified that CommEx does not offer services to users based in the United States and Europe. He noted that European and U.S. residents would face intellectual property restrictions and Know Your Customer verification processes when attempting to access CommEx, terms that were part of the deal.
CommEx has closely replicated Binance’s design, application programming interfaces (APIs), and terms of use, in addition to hiring former Binance employees, to ensure a seamless user experience, as indicated by CZ.
Data from CommEx representatives in the firm’s official Telegram group revealed that CommEx users can trade without completing KYC checks for amounts up to 2 Bitcoins, equivalent to about $54,000.
Concerns suggesting that Binance might be the undisclosed owner of CommEx have grown, particularly in light of CommEx’s refusal to disclose ownership information, the presence of former Binance employees, and similarities in website design and APIs.
Adam Cochran, a partner at Cinneamhain Ventures, considers CommEx to be “just another shell company by Binance.” Conversely, some cryptocurrency observers believe that such a move would undermine Binance’s decision to withdraw from Russia.
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