CZ confirmed that Binance did encourage CommEX to have a similar design and technical features to Binance. Changpeng Zhao (CZ) has denied claims that he may be the owner of CommEX, a company whose identity continues to raise suspicion. CZ issued the disclaimer on Thursday in line with the growing speculations around the ownership of the mysterious company. Recall that earlier this week, CZ announced that Binance was leaving Russia. In the announcement, he stated that the decision has to do with an ongoing investigation of the company that’s being carried out by the US Department of Justice which claims it may have violated sanctions. Meanwhile, on the same day, reports also emerged that CommEX had bought Binance’s business in Russia. But to the surprise of many, there is little or
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CZ confirmed that Binance did encourage CommEX to have a similar design and technical features to Binance.
Changpeng Zhao (CZ) has denied claims that he may be the owner of CommEX, a company whose identity continues to raise suspicion. CZ issued the disclaimer on Thursday in line with the growing speculations around the ownership of the mysterious company.
Recall that earlier this week, CZ announced that Binance was leaving Russia. In the announcement, he stated that the decision has to do with an ongoing investigation of the company that’s being carried out by the US Department of Justice which claims it may have violated sanctions.
Meanwhile, on the same day, reports also emerged that CommEX had bought Binance’s business in Russia.
But to the surprise of many, there is little or no business history for CommEX. As a fact, the company appears to be just a few days old, and even more, it bears a close semblance to Binance still.
In a bid to end all speculations about having any affiliations with CommEX, however, CZ has now taken to X (formerly Twitter) to absolve himself of any such links. His statement reads partly:
“I am not their UBO [ultimate beneficial owner], nor do I own any shares there.”
Meanwhile, CZ also attempted to dissuade any more rumors that may stem from CommEX’s recruitment pattern. He hinted that some former employees of Binance in the region have already joined the company. Zhao also shared that there is a possibility that many more staff in the region may do the same in the future.
Changpeng Zhao Explains Similarity Between Binance and CommEX
According to Zhao, the similarity in the outlooks of both firms was well thought out in the times leading up to the transition. CZ confirmed that Binance did encourage CommEX to have a similar design and technical features to Binance. However, that is only to ensure a seamless transition, the CEO added.
Interestingly, Binance has confirmed that there will be no such thing as a revenue split between the companies. Binance also claims that there is no option to buy back shares from the new company. So, this implies a “full” exit from Russia, with the transition expected to be completed within a few months.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this. He's a reader, a researcher, an astute speaker, and also a budding entrepreneur. Away from crypto however, Mayowa's fancied distractions include soccer or discussing world politics.