CommEx, Binance Russia’s mysterious buyer, has continued to deny Binance’s ownership involvement, although it has onboarded some ex-Binance employees.
On September 29, CommEx reminded the community in an open letter that the company is not owned by Binance, which proclaimed its exit from Russia by selling it to CommEx.
“Although we do not disclose our UBO, we want to clarify that Binance does not own us,” CommEx stated on its website.
“We are a vibrant and efficient start-up team comprised of dozens of passionate individuals from diverse backgrounds,” CommEx stated in its announcement, adding that several of its core members are former Binance employees.
CommEx announced that the company spent six months constructing its platform when it hired former Binance employees. “This has allowed us to learn from Binance’s product and operations experiences, establishing indirect connections with them,” CommEx explained.
The announcement affirms that former Binance’s CIS division team members are now part of CommEx despite Binance’s lack of ownership in the exchange.
Binance CEO Changpeng Zhao stated on X (previously Twitter) on September 28 that former Binance CIS employees will or may have already joined the new company. “We think that is a good thing,” he added.
In addition to employing former Binance employees, CommEx has adopted Binance’s design, APIs, and terms of service. CZ wrote, “We requested this to ensure a seamless user experience.”
The Binance CEO also emphasized that CommEx does not provide services to users based in the United States and Europe. When attempting to evaluate CommEx, European and American residents will encounter IP and Know Your Customer barriers, according to CZ. “We requested this clause in the agreement,” CZ stated.
According to data from CommEx representatives in the company’s official Telegram group, CommEx users can trade up to 2 Bitcoins, or approximately $54,000 in writing, without completing KYC checks.
The refusal of CommEx to disclose information about its owners, combined with the presence of former Binance employees and similar website designs and APIs, has fuelled speculation that Binance is the company’s valid owner.
Adam Cochran, a partner at Cinneamhain Ventures, believes that CommEx is “just another shell company by Binance.”
Alternatively, some crypto analysts believe such a move would undermine Binance’s decision to leave Russia. U.S. authorities could swiftly determine if the new owners were merely Binance’s dummy owners.
This would make the situation appear even worse than if Binance retained the business, David Lesperance, founder of Lesperance & Associates, said.
