Binance Denies Ownership of New Russian Exchange CommEX

CZ Denies Ownership of CommEx

On September 29, 2023, the CEO of Binance, Changpeng "CZ" Zhao, denied rumors on X that he is the owner of CommEX, a new Russian exchange that acquired Binance's Russian business earlier this month.

Zhao's denial came after some users expressed concerns about CommEX's similarity to Binance, including its user interface and technical features. CZ explained that Binance had requested CommEX to use a similar design and technical features in order to make the transition easier for users. CZ also stated that he is not the ultimate beneficial owner (UBO) of CommEX and does not own any shares in the company. However, he did acknowledge that some former Binance employees may have joined or may join CommEX in the future.

CommEX itself has also denied being owned by Binance but has confirmed that some of its core members are former Binance employees. In a statement, CommEX said that it is "a fully independent company" and that its "ownership structure is completely transparent."

Statements amidst heat

The news of Binance's withdrawal from Russia came amid reports that the US Department of Justice is investigating the company for potential sanctions violations. Binance has denied any wrongdoing, but it is unclear whether the investigation is ongoing.

It is important to note that both Binance and CommEX are relatively new companies, and their track records are not without controversy. Binance has been criticized for its lack of transparency and regulation, while CommEX is still a very new company with little public information available.

As such, users should exercise caution when dealing with either of these exchanges. It is important to do your own research and understand the risks involved before using any cryptocurrency exchange.

Key points:

  • Binance CEO Changpeng Zhao denies ownership of Russian cryptocurrency exchange CommEX

  • CommEX also denies being owned by Binance, but confirms that some of its core members are former Binance employees

  • Zhao's denial of ownership suggests that the two companies are not directly affiliated

  • However, the fact that some of CommEX's core members are former Binance employees raises questions about the extent of their independence

  • Users should exercise caution when dealing with either of these exchanges and do their own research before using any cryptocurrency exchange

About the Author

Enthusiastic writer whose current area of interest is the blockchain sector. When not writing, you will find her reading essays on sociology and playing/listening to music. Firm believer that crypto will transform the world.

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