In a surprising turn of events, Chief Executive Officer of Binance, Changpeng Zhao, has unequivocally refuted claims of personal or proxy ownership of the fresh-on-the-block digital asset exchange CommEX. This clarification comes on the heels of CommEX assuming control over Binance’s Russian operations. CommEX, barely a few days old, had sparked whispers of being the property of Zhao, given the understated nature of its establishment.
Zhao, however, took to X (formerly known as Twitter) on September 28th, denouncing these rumors. He stated that while previous Binance employees in the region may opt to work with CommEX, there exists no ownership bond between him, personal or by proxy, and the new platform. The state of affairs bears no resemblance to the buy-back options visible with some corporations, such as Mercedes, McDonalds, and Nissan, in their Russian dealings.
The undercurrent of skepticism stems not only from the smooth transition of power but also from the fact that Binance and CommEX share certain resemblances in design and API – a facet that Zhao outlined was specifically sought to ensure a seamless user experience.
The separation between Binance and Russia followed months of tumult sparked by allegations that the exchange breached sanctions placed on Russian institutions. While the financial particulars of the situation remain shrouded, Binance has confirmed that it has sold its entire Russian arm to CommEX, reassuring users that their assets remain safe.
Another intriguing nugget of detail is that CommEX does not provide services to users based in the United States and the European Union. Zhao states that such an approach was embedded in the conditions of the deal, a move that echoes Binance’s decision to retract from Russia.
Binance’s Compliance Chief, Noah Perlman, has affirmed his confidence in the sustained growth of the emerging Web3 industry while expressing that Russia doesn’t gel well with their compliance strategy. They will now concentrate on serving their users across the 100+ other countries where they currently operate.
Despite the assurances, ambiguity persists. One must wait to see how the crypto landscape unfolds in the wake of this strategic maneuvering by significant global players. This scenario serves as a compelling admonition that the crypto domain, with its whirlwind developments and tumultuous headlines, is not for the faint-hearted.
Source: Cryptonews
