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Binance Withdraws Operations from Russia: CommEX Acquisition

Binance, the famous global cryptocurrency exchange platform, has recently been in the spotlight due to its sudden decision to withdraw its operations from Russia. In this context, speculations have circulated regarding the identity of CommEX – the new crypto entity that acquired Binance’s business in Russia. Notably, in addition to being launched one day before the acquisition announcement, the CommEX platform bears a striking resemblance to Binance, raising questions and fueling conjecture about its origins and ownership.

PDG CZ puts an end to rumors

In an effort to dispel rumors and conjecture, Binance CEO Changpeng “CZ” Zhao has come forward with a clear statement. Addressing the curious crypto community on X (formerly known as Twitter), CZ categorically denied having any ownership in CommEX. “I am not their UBO [ultimate beneficial owner] or have any stake there,” he clarified. Interestingly, he explained that some former employees of Binance Russia have either already joined CommEX or are considering doing so.

Further clarifying the striking resemblance between the Binance and CommEX platforms, CZ detailed the transactions that took place between the two. He explained that during the integration’s ‘test phase’, Binance expressly asked CommEX to mimic its design and technological attributes. This intentional replication was strategically carried out to facilitate a seamless transition for its users. Adding to this narrative, Binance’s official statement released on Wednesday reaffirmed their complete cessation of operations in Russia, outlining a multi-month transition phase, while also emphasizing their lack of revenue-sharing agreements or buyouts with CommEX.

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