Binance Russia buyer tightlipped on owners, denies CZ involvement

Amid rising skepticism about CommEx — the mysterious buyer of Binance’s Russian division — the newly launched agency has continued denying Binance’s possession involvement.

On Sept. 29, CommEx issued an open letter to the neighborhood, reiterating that the corporate just isn’t owned by Binance, which introduced its exit from Russia by selling the firm to CommEx.

“Though we don’t disclose our UBO, we wish to make it clear that we aren’t owned by Binance,” CommEx wrote on its web site. A spokesperson for CommEx declined to remark to Cointelegraph concerning the causes it received’t share any details about its homeowners.

“We’re a vibrant and environment friendly start-up staff, made up of dozens of passionate people from various backgrounds,” CommEx mentioned within the announcement, including that a few of its core members are former Binance veterans.

The CommEx announcement mentioned the agency has been creating its platform for six months, throughout which era it onboarded some ex-Binance staff. “This has allowed us to study from Binance’s product and operations experiences, establishing oblique connections with them,” CommEx added.

The announcement confirms that former staff members of Binance’s division within the Commonwealth of Unbiased States (CIS) are a part of CommEx, regardless of Binance having no possession within the trade.

Former staff at Binance CIS will be a part of or could have already joined the brand new agency, Binance CEO Changpeng Zhao mentioned on X (previously Twitter) on Sept. 28. “We expect that could be a good factor,” he added.

Some solutions about Binance/CommEx.

There will likely be crypto transfers between Binance & CommEx as customers migrate with their funds. There are additionally older transactions throughout the testing section of the integrations. That is anticipated.

A couple of ex-Binance CIS staff members could be a part of their staff,…

— CZ Binance (@cz_binance) September 28, 2023

Along with hiring some ex-Binance staff, CommEx has taken issues like design, utility programming interfaces, or APIs, and even phrases of use from Binance. “We requested for this to make sure a easy person expertise,” CZ wrote.

The Binance CEO additionally confused that CommEx doesn’t present companies to customers primarily based in america and Europe. CZ famous that European and U.S. residents will face mental property and Know Your Buyer blocks when attempting to entry CommEx. “It is a time period we requested for within the deal,” CZ said.

According to information from CommEx representatives within the agency’s official Telegram group, CommEx customers can commerce with out finishing KYC checks for as much as 2 Bitcoin (BTC), or about $54,000.

Associated: Binance successor in Russia: Everything you need to know about CommEx, so far

CommEx’s unwillingness to reveal details about its homeowners, paired with having ex-Binance staff and comparable web site design and APIs, has fueled chatter about Binance being the corporate’s proprietor in disguise.

Adam Cochran, a associate at enterprise capital agency Cinneamhain Ventures, believes that CommEx is “simply one other shell firm by Binance.”

Then again, some crypto observers consider that such a transfer would undermine Binance’s complete determination to depart Russia. “Clearly U.S. authorities may shortly decide if the brand new homeowners have been merely straw males for Binance. This is able to make the scenario look even worse than if Binance simply held onto the enterprise,” Lesperance & Associates founder David Lesperance informed Cointelegraph.

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