CommEX Says It’s Not Owned by Binance – Here What’s Happening

In a recent letter addressed to the CommEX community, the cryptocurrency exchange platform has responded to growing concerns about its ownership and its connections to Binance. They wanted to be clear that they bought part of Binance but aren’t owned by Binance and said that transparency is their focus.

According to the letter, CommEX’s collaboration with former Binance employees and its technological prowess played a pivotal role in Binance’s decision to sell its Russian business to CommEX. The platform sees centralized exchanges (CEXs) as essential players in the crypto industry, offering security and convenience for users.

The letter said, “Although we do not disclose our UBO, we want to make it clear that we are not owned by Binance.”

The company has been in development for the past six months, drawing on the knowledge and experiences of ex-Binance employees. This collaboration reflects a shared commitment to user interests, evident in developments such as Oauth login and fee discounts for those using BNB to pay CommEX fees.

Innovation remains at the heart of CommEX’s vision for the future. The company promises to release operational plans for the platform in due course, inviting the community to stay engaged and follow updates through their community channels.

However, according to Adam Cochran, the problem is, Commex seems a bit mysterious. It used to be a credit card company but recently had its website domain up for sale, and it was just updated this month. Another strange thing is that Binance used to have a service called Binance Cloud, but it doesn’t exist anymore. So, it’s puzzling how Commex could be using it.

Cochran thinks Commex might be a secret company set up by Binance to keep making money from Russian people with questionable backgrounds.

He had said on X, “Commex is just another shell company by Binance, to continue to try and profit from Russian oligarchs and war criminals. there is a reason that the Russian OTC site “Best Change” only lists two key exchanges in its top offerings.”