CZ Sets the Record Straight on His Relationship with CommEX

In light of recent rumors, Binance’s CEO, Changpeng “CZ” Zhao, set the record straight regarding his association with CommEX. The new company, CommEX, recently acquired Binance’s operations in Russia.

Following the announcement that Binance is stepping away from its Russian venture, the crypto community has been rife with speculation. The sudden move came in the wake of potential probes from the U.S. Department of Justice concerning possible sanctions breaches.

What further fueled the speculation was CommEX’s uncanny resemblance to Binance in terms of user interface and overall design, despite it being a relatively new entity. Many started to question whether CZ had any direct ties to this new player in the market.

However, CZ firmly stated on X (previously known as Twitter), “I am not their UBO [ultimate beneficial owner], nor do I own any shares there.” He further pointed out that some ex-employees of Binance from the region might have joined CommEX or plan to do so.

Shedding light on the similarity between the two platforms, he mentioned that the likeness was intentional. Binance had coordinated with CommEX during their “testing phase” to ensure a seamless transition. This collaboration aimed at benefiting the users by offering them a familiar platform to interact with.

Furthermore, Binance’s official statement on Wednesday emphasized that they don’t possess any monetary agreement or a share buyback option with CommEX. The intention is a clear-cut exit from the Russian market, with the transition phase expected to last a few months.