CZ Clarifies Ownership Speculations Surrounding Binance Russia’s New Acquirer, CommEX

• Binance CEO, Changpeng “CZ” Zhao, denies any ownership ties to CommEX, the new acquirer of Binance Russia.
• Speculations arise as Binance announces its exit from Russia following a U.S. Department of Justice probe.
• CommEX, resembling Binance in user interface and functionalities, surfaces just days after Binance’s announcement.

Amidst speculations and mysterious company tie-ups, Binance’s CEO speaks out about the recent Russian exit and acquisition by CommEX.

CZ Refutes Claims of Owning CommEX Amidst Binance’s Russian Exit

Recent developments around Binance’s exit from Russia have stirred the crypto community. Changpeng “CZ” Zhao, the CEO of Binance, took to X, formerly known as Twitter, to address the swirling rumors surrounding the ownership of CommEX, the entity that has suddenly emerged as Binance Russia’s new owner. “I am not their UBO [ultimate beneficial owner], nor do I own any shares there,” clarified CZ.

Mysterious Origins of CommEX

CommEX’s sudden appearance on the crypto scene has led to multiple speculations, mainly due to its uncanny resemblance to Binance in terms of user interface and functionalities. This resemblance has been so pronounced that many believed it to be a mere extension or rebranding of Binance, especially since it came into the limelight shortly after Binance announced its decision to pull out of Russia.

Binance’s Russian Departure Spurred by U.S. Investigations

Binance’s decision to exit the Russian market follows reports of an impending U.S. Department of Justice investigation into potential sanctions violations. The rapid series of events — Binance’s announcement, the emergence of CommEX, and the similarities between the two platforms — raised eyebrows and questions. With CZ’s recent statement, he hopes to dispel rumors and clarify the nature of the relationship between the two entities.

Behind-the-Scenes Collaborations

Further shedding light on the association between Binance and CommEX, CZ mentioned that historic transactions between the two companies were merely related to the “testing phase” of integration. Binance had explicitly requested CommEX to adopt a similar design and technical features to facilitate a seamless transition. Furthermore, some former Binance staff members from Russia have joined CommEX or have expressed intentions to do so in the foreseeable future.

Binance’s Complete Exit from Russia

In a recent press release, Binance emphasized its full commitment to exiting the Russian market, debunking rumors of any partial involvement or backdoor presence. The company confirmed that there exists no revenue-sharing agreement with CommEX, nor any option for Binance to repurchase shares from the new company. The exit process is expected to span a few months, marking the end of Binance’s chapter in Russia.

Conclusion

The crypto industry, known for its dynamic nature, has once again been shaken by events surrounding Binance’s exit from Russia and the mysterious emergence of CommEX. While speculations run rampant, CZ’s clarification offers some insights into the matter. As the transition unfolds, it remains to be seen how the change impacts the Russian crypto community and the broader global crypto ecosystem.