CZ denies ownership and queries CommEX

Binance’s CEO has quashed “negative” local community speculation that the new CommEX exchange would get above their share of the Russian marketplace.

CZ denies ownership and queries CommEX

CZ “corrected” the CommEX information

Changpeng Zhao (CZ), CEO of cryptocurrency exchange Binance, denied staying the proprietor of CommEX and supplied arguments to clarify lots of queries relevant to the new exchange getting marketplace share in Russia.

The “correction” action occurred just one day right after the Russian branch of Binance “sold” itself to CommEX, a “new” cryptocurrency exchange born just a handful of days in the past. Specifically, in the most recent tweet, CZ stated:

I am not a UBO (greatest effective proprietor) of CommEX, nor do I personal any shares thereof.

You can entry Google to know some agreements of corporations like Mercedes, McDonalds, Nissan… they all have agreements to invest in back subsidiaries in Russia. But the very same can not be explained in the situation of Binance and CommEX.

Some solutions on Binance/CommEx.

There will be cryptocurrency transfers involving Binance and CommEx as customers migrate with their money. There are also older transactions through the testing phase of the integrations. This is anticipated.

Some former Binance CIS staff members may well join their staff,…

— CZ 🔶 Binance (@cz_binance) September 28, 2023

“The father of the BNB Chain ecosystem” also explained that “some former Binance Russia employees may/or have joined CommEX.”

This also partly explains the similarities in design and style, interface, API… involving the two exchanges, resulting from the reality that Binance “made such a request, with the aim of ensuring a consistent and seamless user experience” .

During the transfer time period, there will be funds movement circulating involving CommEX and Binance, and at the very same time, “past test” transactions will also be integrated in the long term.

Doubts about CommEX carry on

Binance’s move to “break” from the Russian marketplace by “selling” itself to CommEX has obtained lots of queries about the title of this neighborhood exchange.

A report from Wu Blockchain states that CommEX is a totally “new and strange” title. Twitter of the exchange there are only 255 followers and they only officially went dwell on September 26, 2023 (i.e. just one day just before the resale announcement).

Introducing CommEX! 🎉

We’re energized to announce our launch nowadays. With major cryptocurrency trading experience in Spot, Futures, Simple Futures and P2P markets, your trading encounter will be revolutionized.

Stay tuned for additional info, coming quickly! ⏰
👉https://t.co/ear49VDTOD pic.twitter.com/JpC4Hi9UDX

— CommEX (@CommEX_com) September 26, 2023

So far the CommEX exchange has not supplied info on management or owners.

The over info CoinMarketCap page – owned by Binance – CommEX payments itself as “a rapidly expanding cryptocurrency exchange… offering a range of product suites including Spot, Futures, Simple Futures and P2P services to enter the world of cryptocurrencies.” Furthermore, they are “backed by major cryptocurrency VCs,” but do not specify the names of the investment money behind them.

Presentation of CommEX on CoinMarketCap

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