Binance Russia buyer refuses to disclose owners and denies involvement of CZ.

Binance Russia buyer refuses to disclose owners and denies involvement of CZ.

The Truth Behind CommEx: Debunking the Speculations about Binance’s Involvement

The blockchain industry has witnessed its fair share of controversies and mysteries, and the recent launch of CommEx, a newly established firm that acquired Binance’s Russian division, has only fueled further speculation and skepticism. Amidst growing doubts about the true identity of CommEx, the company has consistently denied any involvement of Binance in its operations. But are these claims genuine, or is there more to the story?

In an open letter addressed to the community on September 29, CommEx reiterated that it is not owned by Binance, attempting to address the concerns surrounding its ownership. However, CommEx elected not to disclose its ultimate beneficial owners (UBO), leaving some uncertainties among industry insiders. Despite this lack of transparency, the company firmly stated, “we want to make it clear that we are not owned by Binance.”

To shed light on its organizational structure, CommEx described itself as a dynamic start-up composed of passionate individuals from diverse backgrounds. Interestingly, the company’s announcement acknowledged that some of its core members include former Binance veterans. Although CommEx maintains its independence from Binance in terms of ownership, it acknowledges establishing indirect connections through the onboarding of former Binance CIS team members.

While CommEx denies Binance’s ownership, Binance CEO Changpeng Zhao (CZ) revealed via a public statement on X (formerly Twitter) that former Binance CIS team members might have joined or will join CommEx. CZ expressed a positive outlook on this development, stating, “We think that is a good thing.” This statement raises questions around the extent of Binance’s indirect involvement in CommEx’s operations, despite the absence of official ownership.

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Apart from recruiting ex-Binance employees, CommEx has also adopted several elements from Binance, such as design and application programming interfaces (APIs), to ensure a seamless user experience. CZ clarified that CommEx does not cater to users from the United States and Europe and that intellectual property and Know Your Customer (KYC) restrictions were part of the agreement. This deliberate restriction reflects the terms requested by Binance during the deal, further indicating a strong relationship between the two entities.

One notable feature of CommEx is its user-friendly trading experience without mandatory KYC checks for trades involving up to 2 Bitcoin (BTC), which is approximately $54,000. This information, shared by CommEx representatives in their official Telegram group, highlights the platform’s commitment to easy accessibility for users.

The secrecy surrounding CommEx’s ownership, coupled with the presence of former Binance employees and similar design elements and APIs, has fueled the speculation that Binance may indeed be behind the company. Industry experts such as Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, believe that CommEx is merely a shell company created by Binance. On the other hand, some argue that Binance’s involvement would undermine its decision to exit the Russian market.

Lesperance & Associates founder David Lesperance emphasized that if the new owners of CommEx were found to be mere frontmen for Binance, it would lead to a worse situation than if Binance had retained the business. This highlights the potential legal and reputational consequences that Binance could face if the speculation surrounding CommEx’s ownership is proven true.

In conclusion, the launch of CommEx and its denial of Binance’s ownership involvement have sparked intense curiosity within the blockchain community. Despite claims of independence, the intertwined connections between CommEx and Binance through former employees and shared elements raise valid questions about the true nature of their relationship. Only time will tell if CommEx’s claims of autonomy hold true or if the speculations about Binance’s discreet influence prove accurate.

References: – Cointelegraph: Binance successor in Russia: Everything you need to know about CommEx, so far – Cointelegraph: CZ Binance’s tweet

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