CommEX Takes Over Binance Russia

There have been concerns about similarities in user interfaces, but Zhao explained it was requested to ensure a seamless user experience.

CommEX Takes Over Binance Russia
CommEX Takes Over Binance Russia

Binance, which announced the transfer of its Russia operations to CommEX on Wednesday, stated that a few former employees had joined the newly launched exchange.

Changpeng Zhao, the founder and CEO of Binance, said today on X (previously Twitter) that former Binance cryptography and information security team members may join CommEX “or have already done so.”

Zhao’s remark follows the announcement by the world’s largest cryptocurrency exchange that it will exit Russia entirely and transfer its business there to CommEX.

This cryptocurrency exchange was only officially launched on Tuesday.

In response to concerns and skepticism raised by the cryptocurrency community about the similarities between the user interfaces of the two exchanges, Zhao stated that Binance requested it.

Their design, APIs, etc., are comparable to those of Binance. “We requested this to assure a seamless user experience,” wrote Zhao in the post.

According to Zhao, CommEX does not service customers from the United States or Europe. “They’ve implemented IP and KYC restrictions. This is a term we asked for in the agreement,” he added.

Zhao emphasized that he is not the ultimate beneficial proprietor of CommEX, nor does he own shares in the new exchange.

“The transaction does not include any buy-back provisions,” he continued. “According to a Google search, businesses such as Mercedes, McDonald’s, and Nissan have buy-back options in their Russia sell-off agreements. This is not the situation.”

During the transition period, there will be cryptocurrency transfers between Binance and CommEX as users migrate their funds, Zhao explained.

“There are also older transactions during the integration testing period. This is anticipated.” He stated.

CommEX stated in a statement released on Tuesday that it offers “a vast array of product suites, including Spot, Futures, Simple Futures, and P2P services, to engage with the world of cryptocurrency.”