1 year ago
Cryptocurrency speech Binance has claimed that it will fully discontinue Russia by selling its section business to a wholly caller speech known arsenic CommEx. While promising its customers a “smooth” migration, Binance hasn’t provided overmuch accusation astir its successor successful Russia.
At the clip of the announcement, small is known astir CommEx’s founders oregon background. The speech was launched connected Sept. 26, 2023, oregon conscionable 1 time earlier Binance announced the merchantability of its concern to the recently created speech for an undisclosed amount.
A spokesperson for CommEx didn’t respond to aggregate questions from users astir the company’s owners oregon executives successful the authoritative Telegram group. The idiosyncratic claimed that CommEx is registered successful Seychelles and volition service its customers arsenic a planetary exchange, focused connected 2 main regions: the Commonwealth of Independent States (CIS) and Asia.
CommEx already connected Binance-owned CoinMarketCap
At launch, CommEx supports lone a browser version, with the steadfast promising to present a mobile app successful the adjacent future. Despite being launched conscionable 1 time ago, CommEx is already listed connected CoinMarketCap, a major crypto tracking website which Binance acquired successful April 2020. On the different hand, rival marketplace tracker CoinGecko doesn’t see immoderate accusation astir CommEx astatine the clip of writing.
According to CoinMarketCap data, CommEx lists 25 trading pairs astatine launch, including stablecoins similar Tether (USDT) and Binance’s BNB (BNB) cryptocurrency. “CommEx is simply a rapidly expanding cryptocurrency exchange, backed by top-tier crypto VCs,” the statement of the caller speech connected CoinMarketCap reads.
CommEx volition initially enactment peer-to-peer (P2P) transactions successful Russia, allowing users to speech their crypto without utilizing the platform’s fiat channels. The level volition launch spot trading of USDT against Russia’s fiat currency, the ruble, erstwhile fiat channels are live, according to a spokesperson successful CommEx’s Telegram group.
A spokesperson for Binance told Cointelegraph that it volition beryllium “entirely optional” for Binance users to determination implicit to CommEx. “You whitethorn besides retreat your funds to different level if you'd like,” the idiosyncratic noted, adding that users would inactive beryllium capable migrate their assets to CommEx. The spokesperson noted:
“Russia KYC’d caller users registration volition instantly beryllium redirected to CommEX. Then, implicit the adjacent respective months, Binance volition sunset each speech services and concern lines successful Russia.”According to the CommEx representative, the platform’s users volition beryllium capable to commercialized without completing Know Your Customer (KYC) checks for up to 2 Bitcoin (BTC) withdrawals. The steadfast volition not let relationship registration oregon services for locations including the United States, Belgium, Republic of Cyprus, Czech Republic, Netherlands, Singapore arsenic good arsenic sanctioned regions similar Iran and Crimea, CommEx’s determination restrictions leafage reads.
The spokesperson besides said that it’s improbable that Binance’s contactless outgo instrumentality Binance Pay volition proceed to enactment with CommEx.
Users question CommEx ownership
Binance's announcement has triggered immoderate speculation successful the section crypto assemblage regarding the owners of Binance’s successor successful Russia. Some users person recovered similarities successful the layouts of Binance and CommEx’s websites, portion others said that CommEx was a “full copy” of Binance’s website.
“They conscionable changed the logo and colors but fundamentally it’s the aforesaid website. I wouldn’t beryllium amazed if Russian tops who near banana [Binance] would beryllium managing directors here,” 1 commenter wrote successful a now-deleted remark connected CommEx’s Telegram group.
Among immoderate of the similarities, 1 whitethorn observe important resemblances betwixt Binance and CommEx’s privateness notices arsenic good arsenic different website pages similar presumption of use. For example, CommEx’s privateness announcement fundamentally provides a reworded transcript of Binance’s privateness notice, intimately pursuing its operation and galore formulations.
An excerpt from CommEx’s privateness notice. Source: CommEx
An excerpt from Binance’s privateness notice. Source: BinanceRussia has been 1 of Binance's biggest markets, and the state is listed arsenic the apical marketplace successful presumption of idiosyncratic visits for the website Binance.com, accounting for 6.9% of full visits astatine the clip of writing, according to information from SimilarWeb.
“I don’t deliberation that CZ [Changpeng Zhao] is acceptable to wantonness specified a immense pastry similar Russia and permission conscionable similar that,” 1 section cryptocurrency perceiver told Cointelegraph. Some radical successful the assemblage person drawn parallels betwixt CommEx successful Russia and Binance’s affiliate successful the United States, Binance.US, which has been claiming to run "independently" from Binance.
“It looks similar immoderate benignant of Binance.US but conscionable without the connection ‘Binance’ successful its name,” different section crypto enthusiast told Cointelegraph.
Related: Binance and CEO Changpeng Zhao inquire tribunal to disregard SEC suit
A spokesperson for Binance declined to remark connected whether the institution is alert of CommEx’s founders oregon executives. CommEx’s spokesperson declined to remark immediately, stating that the steadfast is focused connected "platform optimization and stability" arsenic the CommEx website concisely went down amid Russian users rushing to the website aft Binance made the announcement. CommEx's Russian Telegram group, which had conscionable astir 50 members earlier the announcement, present counts astir 2,000 users.
“With this sale, Binance afloat exits Russia. We person nary plans to get back,” a spokesperson for Binance told Cointelegraph.
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