Cryptocurrency exchange Binance claims to be exiting Russia entirely by selling its local operations to a new exchange called CommEx. While Binance promised customers a “smooth” migration, it didn’t provide much information about the Russian successor.
As of the time of the announcement, little was known about CommEx’s founders or background. The exchange launched on September 26, 2023, just one day before Binance announced the sale of its business to the newly created exchange for an undisclosed amount.
A spokesperson for CommEx did not respond to multiple questions raised by users in the official Telegram group about the company’s owners or senior executives.This person claim Registered in Seychelles, CommEx will serve its clients as a global exchange, focusing on two main regions: the Commonwealth of Independent States (CIS) and Asia.
CommEx has joined Binance’s CoinMarketCap
CommEx launches as a browser-only version, with the company promising to launch a mobile app in the near future.Even though CommEx launched just a day ago, it’s already list CoinMarketCap is a major cryptocurrency tracking website acquired by Binance in April 2020. On the other hand, rival market tracker CoinGecko does not include any information about CommEx at the time of writing.
According to CoinMarketCap data, CommEx listed 25 trading pairs at launch, including stablecoins such as Tether (USDT) and Binance’s BNB (BNB) cryptocurrency. “CommEx is a rapidly expanding cryptocurrency exchange backed by top cryptocurrency venture capital firms,” reads a description of the new exchange on CoinMarketCap.
CommEx will initially support peer-to-peer (P2P) trading in Russia, allowing users to exchange cryptocurrencies without using the platform’s fiat channels.The platform will emission A spokesman for CommEx Telegram Group said spot trading of USDT against the Russian fiat currency ruble will take place once the fiat pipeline comes online.
A Binance spokesperson told Cointelegraph that Binance users “have an absolute choice” to switch to CommEx. “You can also withdraw funds to another platform if you wish,” the person noted, adding that users can still migrate their assets to CommEx. The spokesperson noted:
“Russian KYC new user registrations will be immediately redirected to CommEX. Then, over the next few months, Binance will cancel all trading services and business lines in Russia.”
according to CommEx representatives said users of the platform can trade without completing know-your-customer (KYC) checks and can withdraw up to 2 Bitcoin (BTC). CommEx’s location restrictions page shows that the company does not allow account registration or services in regions such as the United States, Belgium, the Republic of Cyprus, the Czech Republic, the Netherlands, Singapore, and sanctioned regions such as Iran and Crimea. read.
The spokesperson also explain Binance’s contactless payment tool Binance Pay is unlikely to continue working with CommEx.
Users question CommEx ownership
Binance’s announcement sparked some speculation in the local crypto community about the Russian owner of Binance’s successor. Some users find the layout of Binance and CommEx websites similar, while others say CommEx is a “full copy” of Binance’s website.
“They just changed the logo and colors, but it’s essentially the same website. I wouldn’t be surprised if the Russian executive who left Binance becomes the managing director here,” one commenter on the CommEx Telegram group one now-deleted comment read.
Among some similarities, one may find significant similarities between Binance and CommEx’s privacy statements and other website pages such as terms of use.For example, CommEx’s privacy statement is essentially supply A rewritten copy of Binance Privacy Noticestrictly follows its structure and many recipes.
According to data from SimilarWeb, Russia has been one of Binance’s largest markets, with the country ranked as the largest market in terms of user visits to the Binance.com website, accounting for 6.9% of total visits at the time of writing.
“I don’t think CZ (Changpeng Zhao) is ready to give up a big piece of cake like Russia and just leave,” a local cryptocurrency observer told Cointelegraph. Some in the community have compared Russia’s CommEx to Binance’s U.S. subsidiary Binance.US, which has always claimed to operate “independently” from Binance.
Another local cryptocurrency enthusiast told Cointelegraph: “It looks like some kind of Binance.US, but it doesn’t have the word ‘Binance’ in the name.”
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A Binance spokesperson declined to comment on whether the company knew CommEx’s founder or executives. A CommEx spokesperson declined to immediately comment, saying the company is focused on “platform optimization and stability” as Russian users flocked to the site following Binance’s announcement, briefly paralyzing the site. CommEx’s Russian Telegram group, which had only about 50 members before the announcement, now count Nearly 2,000 users.
“With this sale, Binance is completely exiting Russia. We have no plans to return,” a Binance spokesperson told Cointelegraph.
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