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Binance Russia buyer tightlipped on owners, denies CZ involvement

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

On Sept. 29, CommEx issued an launch letter to the neighborhood, reiterating that the firm is now not owned by Binance, which announced its exit from Russia by selling the agency to CommEx.

“Though we characteristic out now not expose our UBO, we desire to find it decided that we’re now not owned by Binance,” CommEx wrote on its web disclose. A spokesperson for CommEx declined to train to Cointelegraph relating to the reasons it won’t share any details about its owners.

“We are a vivid and atmosphere marvelous commence-up crew, made up of dozens of passionate people from various backgrounds,” CommEx talked about in the announcement, in conjunction with that some of its core participants are regular Binance veterans.

The CommEx announcement talked about the agency has been rising its platform for six months, at some stage in which period it onboarded some ex-Binance workers. “This has allowed us to learn from Binance’s product and operations experiences, setting up oblique connections with them,” CommEx added.

The announcement confirms that regular crew participants of Binance’s division in the Commonwealth of Self ample States (CIS) are share of CommEx, despite Binance having no ownership in the trade.

Aged workers at Binance CIS can be part of or can devour already joined the brand new agency, Binance CEO Changpeng Zhao talked about on X (beforehand Twitter) on Sept. 28. “We mediate that is an ethical thing,” he added.

Some solutions about Binance/CommEx.

There can be crypto transfers between Binance & CommEx as customers migrate with their funds. There are also older transactions at some stage in the attempting out share of the integrations. Here is anticipated.

A pair of ex-Binance CIS crew participants would possibly well well well be part of their crew,…

— CZ Binance (@cz_binance) September 28, 2023

As successfully as to hiring some ex-Binance workers, CommEx has taken issues admire web, utility programming interfaces, or APIs, and even phrases of consume from Binance. “We requested for this to be particular a subtle particular person abilities,” CZ wrote.

The Binance CEO also stressed that CommEx does now not present products and services to customers basically based fully mostly in the US and Europe. CZ famed that European and U.S. residents will face mental property and Know Your Customer blocks when searching to access CommEx. “Here is a term we requested for in the deal,” CZ talked about.

Essentially based fully on knowledge from CommEx representatives in the agency’s kindly Telegram neighborhood, CommEx customers can trade with out completing KYC assessments for up to 2 Bitcoin (BTC), or about $54,000.

Associated: Binance successor in Russia: Every little thing you prefer to perceive about CommEx, to this level

CommEx’s unwillingness to expose details about its owners, paired with having ex-Binance workers and identical web disclose web and APIs, has fueled chatter about Binance being the firm’s owner in conceal.

Adam Cochran, a accomplice at project capital agency Cinneamhain Ventures, believes that CommEx is “top-notch any other shell firm by Binance.”

On the different hand, some crypto observers mediate that this form of pass would undermine Binance’s total resolution to leave Russia. “Clearly U.S. authorities would possibly well well well mercurial make a selection if the brand new owners had been simply straw males for Binance. This would find the articulate peek even worse than if Binance top-notch held onto the enterprise,” Lesperance & Pals founder David Lesperance instructed Cointelegraph.

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