HomeCrypto UpdatesBinance Chief Clarifies Former Russia Unit CommEx Does Not Cater to US...

Binance Chief Clarifies Former Russia Unit CommEx Does Not Cater to US or EU Users

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All of Crypto Twitter has eyes on the latest deal between Binance and its regional unit CommEx.

As such, Binance CEO Changpeng “CZ” Zhao took to Twitter this morning to provide additional clarification surrounding the exchange’s sale of its Russian unit CommEx.

Some answers about Binance/CommEx.

There will be crypto transfers between Binance & CommEx as users migrate with their funds. There are also older transactions during the testing phase of the integrations. This is expected.

A few ex-Binance CIS team members may join their team,…

— CZ 🔶 Binance (@cz_binance) September 28, 2023

In his message, Zhao addressed the legal challenges of such a deal, especially in the context of the ongoing sanctions on Russia amid its invasion of Ukraine.

“CommEx does not service US or EU users,” he wrote. “They have IP and KYC blocks. This is a term we asked for in the deal.”

The Binance chief also clarified that he is not the Ultimate Beneficial Owner (UBO) of CommEx, meaning he didn’t financially benefit from the deal.

He further stated he holds no shares in CommEx and the agreement lacks buy-back options.

Additionally, he highlighted that Binance users migrating to CommEx will witness crypto transfers between the two platforms, including transactions from the testing phase.

CZ also shared that several former Binance team members from CIS (Commonwealth of Independent States, consisting of Russia and 11 former Soviet Union republics) might transition to CommEx. “We think that is a good thing,” he wrote.

Decrypt has contacted CommEX for comment and will update this article should we receive a response.

Binance, CommEx deal

Binance announced on Wednesday the sale of its Russia regional unit and its subsequent withdrawal from the country.

“Our highest priority is protecting our users and maintaining trust in our platform,” a Binance spokesperson told Decrypt. “We have worked tirelessly to invest in the teams and systems that ensure user protection. We have made massive investments in compliance talent, processes, and technology and continue to focus on building industry-leading global compliance and law enforcement assistance programs.”

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