Binance CEO Denies Ownership of CommEX
Binance CEO Changpeng Zhao has denied being the owner of CommEX, the company that recently acquired Binance’s Russia unit. Zhao clarified that he is not the ultimate beneficial owner of CommEX and does not own any shares in the company. He also mentioned that some former employees of the Russia unit may join CommEX, which he sees as a positive development.
Speculation and Sanctions
The sale of Binance’s Russia unit to a newly launched entity raised eyebrows and led to speculation that Zhao might be the ultimate owner. However, Binance was forced to exit its operations in Russia due to sanctions imposed by the US and EU following the invasion of Ukraine. Binance faced allegations of aiding the country in violating sanctions by facilitating fund transfers.
Testing Phase and Compliance
Zhao clarified that any transactions between Binance and CommEX were part of a testing phase to ensure proper integration for fund transfers. He emphasized that CommEX does not serve US or EU users and has IP and KYC blocks in place as requested by Binance. This ensures compliance with sanctions. Zhao also stated that Binance’s sale to CommEX has no buyback option, indicating a complete disassociation from the Russian market.
Similar User Interfaces
Concerns about ownership arose due to similarities between the user interfaces of CommEX and Binance. Users noticed that CommEX’s interface closely resembled Binance’s design. Zhao explained that this was intentional to provide a smooth user experience for customers transitioning from Binance to CommEX.
Privacy Notices and Market Importance
CoinTelegraph reported that even privacy notices and other website pages, including terms of use, were similar between the two exchanges. Russia has been one of Binance’s largest markets, with a significant number of user visits to the website. Despite the sale, some cryptocurrency observers believe that Zhao may still have an interest in the Russian market.
Hot Take: Binance CEO Denies Ownership of CommEX, Emphasizes Compliance
Binance CEO Changpeng Zhao has denied being the owner of CommEX, the company that acquired Binance’s Russia unit. He clarified that any transactions between Binance and CommEX were part of a testing phase for fund transfers and emphasized that CommEX does not serve US or EU users to comply with sanctions. The similarity between the user interfaces of both platforms was intentional to ensure a smooth transition for customers. While concerns about ownership persist, Binance has cut all ties with the Russian market and is focused on compliance.
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