CommEx Denies Binance Ownership Involvement Amid Skepticism
The newly launched firm, CommEx, continues to deny any ownership involvement by Binance, amidst growing skepticism. On September 29, CommEx issued an open letter to the community, reiterating that it is not owned by Binance. The company stated that it is a vibrant start-up team comprised of passionate individuals from diverse backgrounds. While some core members of CommEx are former Binance veterans, the announcement confirms that Binance has no ownership in the exchange.
CommEx’s Connection to Ex-Binance Employees and Services
In addition to hiring ex-Binance employees, CommEx has incorporated elements such as design, APIs, and terms of use from Binance to ensure a smooth user experience. CommEx CEO Changpeng Zhao (CZ) clarified that the platform does not serve users in the United States and Europe due to intellectual property and Know Your Customer (KYC) restrictions requested in the deal with Binance.
KYC-Free Trading and Speculation About Ownership
According to data shared by CommEx representatives in their Telegram group, users can trade without completing KYC checks for up to 2 Bitcoin (BTC), equivalent to about $54,000. However, CommEx’s refusal to disclose information about its owners has fueled speculation that Binance may be the actual owner behind the company. Adam Cochran of Cinneamhain Ventures believes that CommEx is just another shell company created by Binance.
Contrasting Opinions on Ownership
While some observers argue that Binance’s involvement would undermine its decision to exit Russia, others suggest that U.S. authorities could easily uncover if CommEx is merely a front for Binance. Lesperance & Associates founder David Lesperance stated that this would worsen the situation for Binance. The debate surrounding CommEx’s ownership continues as more information unfolds.
Hot Take: CommEx Faces Doubts Regarding Ownership Amid Denials
The newly launched firm, CommEx, has faced skepticism about its ownership, with some suggesting that it is merely a shell company created by Binance. Despite CommEx’s denial of any involvement by Binance, concerns have been raised due to the presence of ex-Binance employees, similarities in website design and APIs, and the company’s unwillingness to disclose its owners. While some believe that Binance’s reputation could be at stake if its ownership is revealed, others argue that U.S. authorities could easily uncover any hidden ties. The debate surrounding CommEx’s ownership remains unresolved as the situation unfolds.
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