Amid rising skepticism about CommEx — the mysterious purchaser 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 group, reiterating that the corporate just isn’t owned by Binance, which introduced its exit from Russia by promoting the agency to CommEx.
“Though we don’t disclose our UBO, we need 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 in regards to the causes it received’t share any details about its homeowners.
“We’re a vibrant and environment friendly start-up crew, 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 workers. “This has allowed us to be taught from Binance’s product and operations experiences, establishing oblique connections with them,” CommEx added.
The announcement confirms that former crew members of Binance’s division within the Commonwealth of Impartial States (CIS) are a part of CommEx, regardless of Binance having no possession within the trade.
Former workers at Binance CIS will be part of or could have already joined the brand new agency, Binance CEO Changpeng Zhao mentioned on X (previously Twitter) on Sept. 28. “We predict that could be a good factor,” he added.
Some solutions about Binance/CommEx.
There can be crypto transfers between Binance & CommEx as customers migrate with their funds. There are additionally older transactions throughout the testing part of the integrations. That is anticipated.
A couple of ex-Binance CIS crew members could be part of their crew,…
— CZ Binance (@cz_binance) September 28, 2023
Along with hiring some ex-Binance workers, 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 clean consumer expertise,” CZ wrote.
The Binance CEO additionally careworn that CommEx doesn’t present companies to customers based mostly 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. “This can be a time period we requested for within the deal,” CZ said.
In accordance 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.
CommEx’s unwillingness to reveal details about its homeowners, paired with having ex-Binance workers and comparable web site design and APIs, has fueled chatter about Binance being the corporate’s proprietor in disguise.
Adam Cochran, a companion 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 go away Russia. “Clearly U.S. authorities might rapidly decide if the brand new homeowners had been merely straw males for Binance. This might make the state of affairs look even worse than if Binance simply held onto the enterprise,” Lesperance & Associates founder David Lesperance instructed Cointelegraph.