CZ Denies Ownership of CommEX, New Owner of Binance Russia
Changpeng “CZ” Zhao has refuted claims that he is the owner of CommEX, the enigmatic company that recently acquired Binance’s operations in Russia. Binance, of which CZ is the founder and CEO, made headlines this week by announcing its exit from the Russian market amid reports of a U.S. Department of Justice investigation into sanctions violations.
This development sparked curiosity surrounding the identity of CommEX, a company that closely resembles Binance in terms of user experience and seems to have emerged only days ago.
Some answers about Binance/CommEx.
— CZ 🔶 Binance (@cz_binance) September 28, 2023
There will be crypto transfers between Binance & CommEx as users migrate with their funds. There are also older transactions during the testing phase of the integrations. This is expected.
A few ex-Binance CIS team members may join their team,…
CZ clarified his non-involvement with CommEX, stating that he is neither the ultimate beneficial owner (UBO) nor a shareholder in the company. He also mentioned that some former Binance employees from the region have joined or may join CommEX in the future.
CZ explained that the transactions between the two companies were related to the “testing phase” of integration. Binance had requested CommEX to adopt a similar design and technical features to facilitate a smooth transition.
Binance officially confirmed, in a press release on Wednesday, that it had no revenue-sharing arrangement or the option to repurchase shares from CommEX. The exchange is in the process of a complete exit from the Russian market, with a transition period lasting several months.