Is Binance Really Behind CommEx? New Exchange Denies Ownership, but Skepticism Remains

A Mysterious Buyer in Russia

The recent launch of CommEx, a new cryptocurrency exchange, has sparked speculation about its true ownership. Although Binance, a major crypto platform, announced its exit from Russia by selling the firm to CommEx, the newly launched company has denied any connection to its former owner.

No Binance Ownership, Insists CommEx

In an open letter to the community, CommEx reiterated that it is not owned by Binance. Despite refusing to disclose the identity of its ultimate beneficial owner (UBO), CommEx emphasized that it is an independent entity. The firm's spokesperson declined to comment on why they choose not to share information about their owners.

Ex-Binance Veterans at CommEx

Interestingly, CommEx admitted that some of its core members are former employees of Binance. However, the company maintained that this does not indicate any ownership ties with Binance, but rather highlights the diverse expertise within its team.

Learning from Binance

According to the announcement, CommEx's team has been developing its platform for six months and has gleaned insights from Binance's product and operations experiences. This has led to indirect connections with the crypto giant, although ownership remains separate.

Transfer of Cryptocurrencies and Shared Elements

CommEx clarified that there will be transfers of cryptocurrencies between Binance and its platform as users migrate with their funds. Additionally, the new exchange has borrowed elements such as design, APIs, and terms of use from Binance to ensure a smooth user experience.

Restricted Access for US and European Users

Binance CEO Changpeng Zhao (CZ) emphasized that CommEx does not cater to users from the United States and Europe. CZ added that European and US residents will face IP and Know Your Customer (KYC) blocks when attempting to access CommEx. The limitations were reportedly requested as a condition of the deal.

Mystery Fueling Speculation

CommEx's refusal to disclose ownership details, coupled with the presence of ex-Binance employees and similarities in website design and APIs, has ignited suspicions about Binance's hidden involvement with the new exchange. Some believe that CommEx is simply another shell company owned by Binance.

Undermining Binance's Exit?

However, others argue that if Binance really is behind CommEx, it would undermine the decision to exit the Russian market. Experts suggest that the involvement of straw men as owners could potentially worsen the situation for Binance if it was uncovered by US authorities.

As the speculation continues, the true ownership of CommEx remains shrouded in mystery, leaving the crypto community eagerly anticipating more information.