Binance’s sudden departure from the Russian crypto scene has left many perplexed, primarily due to the complete handover of operations to a relatively obscure exchange known as CommEx. Adding to the mystery was the undisclosed financial aspect of this landmark deal and the scant information Binance shared regarding its successor in the Russian market.
As the crypto community delves into uncovering the ownership details of CommEx, some eagle-eyed users have noted striking similarities between the designs of Binance’s and the latter’s websites. Some have even gone so far as to label CommEx as a “full copy” of Binance’s website, suggesting that the two platforms share more than just a passing resemblance.
In a now-deleted comment on CommEx’s Telegram group, one user remarked, “They just changed the logo and colors, but essentially it’s the same website. I wouldn’t be surprised if Russian executives who left Binance are now managing directors here.”
Amidst the growing chatter, Binance’s CEO, Changpeng Zhao, known as CZ, took to X to address the swirling concerns. CZ began by confirming that crypto transfers are actively underway to facilitate a smooth transition of user funds. Additionally, older transactions from the testing phase of the integration process have surfaced, a development characterized as a normal part of the transition process.
One intriguing revelation offered by CZ was the possibility that some former members of Binance’s Commonwealth of Independent States [CIS] team might have joined or are in the process of joining the CommEx team. This move has been met with optimism, as it could potentially bring a wealth of expertise and experience to the emerging exchange.
Binance CEO Clarifies He Has No Ownership Stake At CommEx
Addressing the striking similarities between CommEx’s design and APIs and those of Binance, CZ clarified that this similarity was a conscious decision, intended to ensure that users transitioning to the new platform would encounter a familiar and user-friendly interface.
Additionally, CZ emphasized that CommEx does not provide services to users from the United States and the European Union, a measure enforced through IP and Know Your Customer [KYC] blocks. As a matter of fact, these user restrictions were part of the negotiated terms between the two platforms. To quell further rumors, CZ made it clear that he is not the Ultimate Beneficial Owner [UBO] of CommEx and has no ownership stake in the platform.