Binance Denies Ownership of New Russian Exchange CommEX
CZ Denies Ownership of CommEx
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.
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