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<p><strong>Binance’s exit from Russia and the rushed founding of CommEX has raised several questions. </strong></p> 
<h2 style="text-align: center;" id="cz-clears-air-on-ownership">CZ Clears Air on Ownership</h2> 
<p>Changpeng “CZ” Zhao, Binance’s CEO, has clarified that he doesn’t own CommEX, the company that <a href="https://www.coindesk.com/policy/2023/09/28/cz-denies-he-owns-commex-binance-russias-new-owner/?utm_source=twitter&amp;utm_medium=social&amp;utm_term=organic&amp;utm_campaign=coindesk_main&amp;utm_content=editorial" target="_blank" rel="noopener noreferrer nofollow">recently took over</a> Binance’s operations in Russia. This comes after Binance’s decision to exit Russia due to a U.S. Department of Justice investigation. CZ emphasized that he neither owns shares in CommEX nor is its ultimate beneficial owner.</p> 
<p>CZ tried to calm the public by posting the following on Twitter: “Everything will be done to ensure a smooth transition. All user funds are safe! BNB holders will continue to enjoy a 25% trading fee discount on CommEX.”</p> 
<h2 style="text-align: center;" id="commex-s-launch-and-binance-s-exit">CommEX’s Launch and Binance’s Exit</h2> 
<p>CommEX, a newly launched crypto exchange, has acquired Binance’s business in Russia. The design and technical features of CommEX are notably similar to Binance. CZ mentioned that Binance had requested this similarity to ensure a seamless transition for its users. He also highlighted that some former Binance employees might now be part of CommEX.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Some answers about Binance/CommEx.</p> 
 <p>There will be crypto transfers between Binance &amp; CommEx as users migrate with their funds. There are also older transactions during the testing phase of the integrations. This is expected.</p> 
 <p>A few ex-Binance CIS team members may join their team,…</p> 
 <p>— CZ 🔶 Binance (@cz_binance) <a href="https://twitter.com/cz_binance/status/1707293387001307551?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 28, 2023</a></p> 
</blockquote> 
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<h2 style="text-align: center;" id="commex-s-restrictions-and-cz-s-clarifications">CommEX’s Restrictions and CZ’s Clarifications</h2> 
<p>CZ stated that CommEX doesn’t cater to users from the United States or the European Union due to IP and KYC blocks. This was a condition Binance had set during the deal. He also emphasized that there’s no option for Binance to buy back shares from CommEX.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">🔹 <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@binance</a> completes its exit from Russia, selling its business to CommEX. The transition for existing Russian users is expected to take about a year, with Binance ensuring the security of user assets throughout the process. 🔎<a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> <a href="https://twitter.com/hashtag/CommEX?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CommEX</a><a href="https://t.co/vO7u6r6T6t" rel="noopener noreferrer nofollow">https://t.co/vO7u6r6T6t</a></p> 
 <p>— BSC News (@BSCNews) <a href="https://twitter.com/BSCNews/status/1707145748448415916?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 27, 2023</a></p> 
</blockquote> 
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<h2 style="text-align: center;" id="questions">Questions</h2> 
<p>Despite the clarifications, there are still many unanswered questions about CommEX. The exchange hasn’t disclosed information about its ownership or management. The only known contact is an email address, and any legal disputes related to CommEX would be settled in Hong Kong. Binance has also declined to provide details about CommEX’s ownership but has denied using the same technology as Binance.</p> 
<h2 style="text-align: center;" id="binance-s-message-to-users">Binance’s Message to Users</h2> 
<p>Binance assures its users that all funds are <a href="https://walletinvestor.com/magazinadmin/secs-request-to-inspect-binance-us-declined-by-us-judge/" target="_blank" rel="noopener noreferrer nofollow">secure</a>. They are also working on integrating new fiat channels to enhance the crypto experience for users. Due to a decision by Paysafe, there will be some changes in services related to EUR deposits and transactions. Users are advised to take necessary actions in advance.</p>

Binance’s Exit from Russia and the Rise of CommEX

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