Binance CEO Changpeng “CZ” Zhao moved quickly to clarify speculation regarding CommEX, the enigmatic crypto organization that recently acquired Binance's operations in Russia.
CZ Denies Allegations That It Owns CommEX
In response to increasing speculation, CZ made clear in a statement today that he has no ownership stake in CommEX.
This outright denial comes amid suspicion surrounding the sudden emergence of CommEX, whose user interface bears a striking resemblance to Binance, and its remarkably brief existence of just a few days.
“I am not their UBO and do not own any shares there,” CZ explained in a post on X.
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
He also noted that a select number of former Binance staff from the region have either moved to CommEX or are considering doing so in the future.
CZ shed light on the historical interactions between the two organizations, emphasizing that these relate to the “test phase” of the integration.
Binance had advocated for CommEX to adopt a comparable design and technical framework to facilitate a smooth transition.
This development follows the US Department of Justice's investigation into possible sanctions violations, after Binance recently decided to exit the Russian market.
As rumors surrounding CommEX continue to evolve, CZ's clear statement aims to clear up any lingering doubts about his involvement with the enigmatic organization.
*This is not investment advice.
