Concerns are growing regarding CommEx, the entity that acquired Binance's Russian operations, as it continues to deny any affiliation with Binance.
CommEx released an open letter on September 29, reiterating that it is not owned by Binance, despite Binance's announcement of selling its Russian business to CommEx.
In its statement, CommEx stated, "While we do not disclose our UBO (Ultimate Beneficial Owner), we want to make it clear that we are not affiliated with Binance." However, they declined to provide any information about their owners when asked by Cointelegraph.
CommEx described itself as a dynamic startup with passionate individuals from diverse backgrounds, some of whom are former Binance employees. The company claimed to have been developing its platform for six months and said it had hired several former Binance workers. This indirect connection allows CommEx to benefit from Binance's product and operational experience, according to the announcement.
Binance CEO Changpeng Zhao (CZ) confirmed that former Binance CIS team members have joined or may join CommEx but emphasized that Binance does not have any ownership in the exchange. CZ also noted that CommEx doesn't serve users in the United States and Europe, imposing intellectual property and "know your customer" restrictions on these residents. He clarified that these terms were part of the deal with CommEx.
CommEx users can trade up to 2 Bitcoin without completing KYC checks, which is approximately $54,000, according to information from a CommEx representative.
This lack of transparency regarding CommEx's ownership, combined with the presence of former Binance employees and similarities in website design and APIs, has raised suspicions about the true owner of CommEx. Some, like Adam Cochran from venture capital firm Cinneamhain Ventures, believe CommEx is just another Binance subsidiary.
However, others believe this situation may undermine Binance's decision to exit Russia, as U.S. authorities could easily determine if CommEx is a front for Binance, potentially making the situation worse for the exchange.
