CommEX Responds to Ownership Concerns and Highlights Collaboration with Binance
In a recent letter to the CommEX community, the cryptocurrency exchange platform addressed concerns regarding its ownership and connections to Binance. CommEX clarified that while they have purchased a portion of Binance, they are not owned by Binance. The platform emphasized its commitment to transparency.
According to the letter, CommEX’s collaboration with former Binance employees and its technological expertise played a significant role in Binance’s decision to sell its Russian business to CommEX. The platform recognizes centralized exchanges (CEXs) as crucial players in the crypto industry, providing security and convenience for users.
The letter stated, “Although we do not disclose our UBO, we want to make it clear that we are not owned by Binance.”
Shared Commitment and Vision for Innovation
The company has been in development for six months, leveraging the knowledge and experiences of ex-Binance employees. This partnership reflects a shared dedication to user interests, demonstrated through initiatives such as Oauth login and fee discounts for users paying CommEX fees with BNB.
CommEX envisions innovation at the core of its future plans. The company intends to release operational strategies for the platform in due course, encouraging the community to stay engaged and follow updates through their community channels.
Concerns Raised by Adam Cochran
Adam Cochran has raised concerns about CommEX, noting that it appears somewhat mysterious. Previously a credit card company, CommEX recently had its website domain up for sale but was updated this month. Additionally, Binance previously offered a service called Binance Cloud, which no longer exists, raising questions about how CommEX could be using it.
Cochran speculates that CommEX may be a secret company established by Binance to continue profiting from individuals with questionable backgrounds in Russia.
In a statement, Cochran expressed, “CommEX is just another shell company by Binance, to continue to try and profit from Russian oligarchs and war criminals. There is a reason that the Russian OTC site ‘Best Change’ only lists two key exchanges in its top offerings.”
Hot Take: CommEX Addresses Ownership Concerns but Raises Suspicion
CommEX has responded to concerns about its ownership and emphasized its collaboration with former Binance employees. While they assert that they are not owned by Binance, doubts have been raised by Adam Cochran regarding the nature of CommEX’s operations and its connection to Binance.
As the community awaits further operational plans from CommEX, questions persist about the platform’s transparency and potential involvement with individuals of questionable backgrounds. It remains to be seen how these concerns will impact CommEX’s reputation in the crypto industry.
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