September 28, 2023 at 09:53 GMTModified date: September 28, 2023 at 09:53 GMT
September 28, 2023 at 09:53 GMT

CZ dismisses claims he owns new Binance Russia owner CommEX

CZ has today denied that he is the owner of CommEX, the brand-new company that has bought the Binance arm in Russia.

Binance. Source: Shutterstock

Changpeng ‘CZ’ Zhao has today denied that he is the owner of CommEX, the brand-new company that has bought the Binance arm in Russia.

The Binance exchange yesterday announced that it was leaving Russia after reports of a US Department of Justice investigation into violations of sanctions.

There are now questions surrounding the validity of CommEX, which looks to be less than a week old.

In response to the rumours, CZ has said: “Some answers about Binance/CommEx.

“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, or have already done so. We think that is a good thing.

“Their design, APIs, etc are similar to Binance. We asked for this to ensure a smooth user experience.

“CommEx does not service US or EU users. They have IP and KYC blocks. This is a term we asked for in the deal.”

He added: “I am not their UBO, nor do I own any shares there. The deal does not have any buy back options. (A google search seem to show some businesses like Mercedes, McDonalds, Nissan have buy back options in their Russia sell off deal. This is not the case here.)”

Russia, CommEX and Binance

In its announcement yesterday, Binance said: “Binance has entered into an agreement to sell the entirety of its Russia business to CommEX. To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and securely protected.”

Meanwhile, CommEX’s official launch page set up just two days ago says: “We are wholeheartedly committed to offering you a leading crypto exchange.

“Apart from bringing you a reliable platform for your trades, CommEX also provides a wide range of product suite including Spot, Futures, Simple Futures and P2P service to engage with the world of cyptocurrency. We invite you to embark on your crypto journey with CommEX.”