The new buyer of Binance’s Russian division, denies Binance’s ownership involvement in the company, amid growing skepticism about CommEx. The newly launched firm has continued denying Binance’s ownership involvement after six months of developing its platform, CommEx also stated they onboarded some ex-Binance employees.
CommEx issued an open letter to the community on Sept. 29, reiterating that the company is not owned by Binance, which announced its exit from Russia by selling the firm to CommEx.
“Although we do not disclose our UBO, we want to make it clear that we are not owned by Binance,” CommEx stated on its website. A spokesperson for CommEx declined to comment or share any information about its owners to any external source.
CommEx in an announcement, said: “We are a vibrant and efficient start-up team, made up of dozens of passionate individuals from diverse backgrounds,” adding that some of its core members are former Binance employees.
CommEx mentioned in an announcement that the platform has been in development for six months, during which time it onboarded some ex-Binance veterans. “This has allowed us to learn from Binance’s product and operations experiences, establishing indirect connections with them,” CommEx added.
The announcement confirms that former team members of Binance’s division in the Commonwealth of Independent States (CIS) are part of CommEx, despite Binance having no ownership in the exchange.
On Sept. 28, Binance CEO Changpeng Zhao stated on X (formerly Twitter), that former employees at Binance CIS will join or may have already joined the new firm, “We think that is a good thing,” he added.
The Binance CEO also mentioned that CommEx does not provide services to users based in the United States and Europe. CZ noted that European and U.S. residents will have intellectual property restrictions and Know Your Customer verification processes when trying to access CommEx. “This is a term we asked for in the deal,” CZ stated.
According to data from CommEx representatives in the firm’s official Telegram group, CommEx users can trade without completing KYC checks for up to 2 Bitcoins, or about $54,000.
Comments suggesting that Binance is the company’s owner in disguise have increased, especially after CommEx’s refusal to disclose information about its owners, along with the presence of ex-Binance employees and a similar website design and APIs.
Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, believes that CommEx is “just another shell company by Binance.”
On the other hand, some crypto observers believe that such a move would undermine Binance’s whole decision to leave Russia.
Read also: Binance Exits Russia, Sells to CommEX