Binance CEO Denies Ownership of Mysterious Crypto Company
In response to speculation, Changpeng “CZ” Zhao, the CEO of Binance, has denied being the owner of CommEX, the newly emerged company that acquired Binance’s business in Russia. Binance recently announced its exit from Russia following reports of a US Department of Justice investigation into potential sanctions violations.
Identity of CommEX Raises Questions
The emergence of CommEX, which bears similarities to Binance in terms of user experience and design, has raised questions about its true identity. CZ clarified on X (formerly Twitter) that he is not the ultimate beneficial owner of CommEX and does not hold any shares in the company. However, he acknowledged that some former Binance employees from the region may have joined or will join CommEX in the future.
Historic Transactions and Transition Period
CZ explained that previous transactions between Binance and CommEX were part of a testing phase for integration purposes. Binance had requested CommEX to have a similar design and technical features to ensure a smooth transition. In its press release, Binance confirmed that there was no revenue split or option to buy back shares from CommEX. The transition period for Binance’s exit from Russia is expected to last a few months.
Hot Take: CZ Addresses Ownership Speculation Surrounding CommEX
Binance’s CEO, Changpeng Zhao, has denied being the owner of CommEX, the company that recently acquired Binance’s business in Russia. Speculation arose due to similarities between CommEX and Binance. CZ clarified that he does not own any shares in CommEX and is not its ultimate beneficial owner. He also acknowledged the potential involvement of former Binance staff with CommEX. CZ emphasized that historic transactions between Binance and CommEX were related to integration testing, and Binance had requested a similar design for a smooth transition. Binance’s exit from Russia will be completed in a few months without any revenue split or share buyback option.
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