CommEx, the buyer of Binance’s Russian division, has faced skepticism regarding its ownership ties to Binance. In response, CommEx recently issued an open letter to the community, stating that it is not owned by Binance. However, the company did not disclose its ultimate beneficial owner (UBO) and declined to provide any information about its owners to Cointelegraph.
CommEx described itself as a vibrant and efficient startup team, comprised of passionate individuals from diverse backgrounds. The announcement also revealed that some of its core members are former Binance veterans. This suggests that although Binance does not have ownership in CommEx, there are indirect connections and knowledge-sharing between the two entities.
Meanwhile, Binance CEO Changpeng Zhao (CZ) confirmed on social media that former employees from Binance’s division in the Commonwealth of Independent States (CIS) may have joined or will join CommEx. CZ expressed his support for this move, indicating that it is a positive development.
It is worth noting that CommEx has incorporated certain elements from Binance, such as design, application programming interfaces (APIs), and terms of use. CommEx requested these components to ensure a smooth user experience. However, CZ clarified that CommEx does not offer services to users based in the United States and Europe. European and U.S. residents will encounter intellectual property and Know Your Customer (KYC) blocks when attempting to access CommEx. This condition was part of the deal with Binance.
According to information provided by CommEx representatives in their official Telegram group, users can trade without completing KYC checks for up to 2 Bitcoin (BTC), which is equivalent to approximately $54,000.
CommEx’s refusal to disclose information about its owners, coupled with the presence of ex-Binance employees and similarities in website design and APIs, has sparked speculation that Binance may be the hidden owner of CommEx. Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, believes that CommEx is just another shell company by Binance.
On the other hand, some crypto observers argue that if Binance were the true owner of CommEx, it would undermine Binance’s decision to exit Russia. David Lesperance, founder of Lesperance & Associates, suggested that U.S. authorities would quickly uncover any attempts to use CommEx as a front for Binance, which would worsen the situation for the cryptocurrency exchange.
In conclusion, the controversy surrounding CommEx’s ownership and its relationship with Binance continues to raise doubts and speculation within the cryptocurrency community. While CommEx asserts its independence from Binance, the connections between the two entities, including former Binance employees joining CommEx, have further fueled suspicions. Only time will tell if the true extent of Binance’s involvement with CommEx will be revealed.
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