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Binance CEO Changpeng Zhao denied being the proprietor of CommEX, the day-old firm that purchased the trade’s Russia unit.
“I’m not their UBO [ultimate beneficial owner], nor do I personal any shares there,” he mentioned in a put up on X, including that some former staff of the Russia unit could be part of CommEx or have already got, which he described as ”an excellent factor.”
The sale of a longtime trade to an entity that simply launched and has no expertise in operating a enterprise of Binance’s scale raised some eyebrows, prompting some to counsel the last word proprietor could also be Zhao.
Some solutions about Binance/CommEx.
There can be crypto transfers between Binance & CommEx as customers migrate with their funds. There are additionally older transactions in the course of the testing section of the integrations. That is anticipated.
A number of ex-Binance CIS group members could be part of their group,…
— CZ 🔶 Binance (@cz_binance) September 28, 2023
Binance was compelled to exit its operations in Russia due to sanctions positioned on the nation by the US and EU following the invasion of Ukraine. Its continued operations within the nation led to allegations that it was aiding the nation in violating the sanctions by facilitating the switch of funds to different nations.
Zhao mentioned that any transactions between CommEx and Binance have been a part of a testing section to make sure correct integration between the 2 platforms for the switch of funds. He added that within the months to come back it’s anticipated that “there can be crypto transfers between Binance & CommEx as customers migrate with their funds.”
To make it clear that Binance was complying with the sanctions, CZ mentioned that “CommEx doesn’t service US or EU customers. They’ve IP and KYC blocks. This can be a time period we requested for within the deal.”
He added that not like corporations equivalent to McDonalds, Nissan, and Mercedes, Binance’s sale to CommEx has no buyback choice, affirming that it had minimize all ties with the nation and its market.
CommEx And Binance Have Comparable Person Interfaces
A key factor that raised suspicions over possession of CommEX was the similarity between their person interfaces. Customers have famous that the CommEx interface has an identical feel and look to that of Binance. Zhao responded that Binance had requested that in order to take care of the system’s familiarity for its clients.
“Their design, APIs, and so forth are just like Binance,” he mentioned. “We requested for this to make sure a easy person expertise.”
Who owns CommEx and who’re the helpful homeowners? There’s completely no details about them on-line…
— William Farrington (@willvfarrington) September 27, 2023
Regardless of the clarification, CoinTelegraph reported that even the privateness notices and different web site pages, together with phrases of use, have been related between the 2 exchanges. “For instance, CommEx’s privateness discover basically gives a reworded copy of Binance’s privateness discover, intently following its construction and plenty of formulations,” it mentioned.
In keeping with information from SimilarWeb, Russia has been considered one of Binance’s largest markets and is at the moment the highest market by way of person visits to the web site binance.com, with 6.9% of all visits on the time of writing.
“I don’t assume that CZ is able to abandon such an enormous pie like Russia and depart similar to that,” one native cryptocurrency observer informed CoinTelegraph.
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