CommEX Says They Are Not Owned by Binance, But Some Core Members Are Ex-Binance Veterans
CommEx, the firm that has recently acquired Binance's Russian division, has said that it is not owned by Binance but disclosed that some of its core members are the exchange's previous employees.
In a Friday open letter, CommEx claimed it is an independent entity separate from Binance despite refraining from disclosing its ultimate beneficial owner (UBO).
“Although we do not disclose our UBO, we want to make it clear that we are not owned by Binance,” the letter reads.
"We are a vibrant and efficient start-up team, made up of dozens of passionate individuals from diverse backgrounds. Some of our core members are former Binance veterans who bring invaluable crypto and internet technology experience."
CommEx revealed that it has been diligently developing its platform for the past six months and has onboarded ex-Binance employees during this period.
This has facilitated indirect connections and knowledge exchange between the two entities, even though Binance has no ownership stake in CommEx.
In addition to hiring ex-Binance personnel, CommEx has incorporated certain elements such as design, application programming interfaces (APIs), and terms of use from Binance.
"Although our current product may be basic, moving forward, our tech and product teams will do their best to provide the best user experience in the market," the exchange said.
Binance CEO Changpeng Zhao had previously confirmed this and emphasized that CommEx does not serve users from the United States and Europe, as agreed upon in the deal.
"Their design, APIs, etc are similar to Binance. We asked for this to ensure a smooth user experience," CZ said in a Thursday post on X.
However, the absence of information about CommEx's owners, coupled with the presence of
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