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CommEX

CommEX is a centralized exchange. It was created on September 26th, 2023, a day prior announcement of transferring its Russian business to CommEX. [1]

Overview

According to a spokesperson for CommEX, the company is registered in the Seychelles and intends to operate as a global exchange with a specific emphasis on the Commonwealth of Independent States (CIS) and Asia. [2]

CommEX only supports a browser version and has plans on introducing a mobile app. [2]

Binance outlined that a systematic procedure would be used for user migration. Binance and CommEX will work together to assist users in transferring their assets to CommEX. A portion of newly registered Russian users with completed KYC processes will be directed to CommEX immediately, with this proportion gradually increasing. Over the coming months, Binance will gradually discontinue all exchange services and business operations in Russia. [2]

History

On September 27th, 2023, Binance announced to be exiting Russia, selling its Russian business to CommEX. [3]

“As we look toward the future, we recognise that operating in Russia is not compatible with Binance's compliance strategy,” said Noah Perlman, Binance’s Chief Compliance Officer. “We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.” [3]

Binance also shared that the company would not be receiving any continuing share of revenue from the sale, nor retain the option to repurchase shares in the company. [3]

There have been raised concerns about CommEX, particularly due to its founding date, which coincided closely with Binance's announcement. Additionally, similarities in design, interface, and terms of use with the Chinese exchange have garnered attention. [4]

On September 28th, shared that there was a possibility for ex-Binance CIS (Commonwealth of Independent States) team members to join their team. He also agreed to not be their UBO (Ultimate Beneficial Owner) nor own any shares, as the deal does not have any buyback options. He pointed out that Binance users moving to CommEx will be able to transfer cryptocurrencies between the platforms, including transactions from the testing phase. [5]

On September 29th, CommEX shared through a post on their blog that the team has hands-on experience with top tech giants such as Amazon, Google, and Oracle, as well as ex-Binance members. The platform had been developed for six months with the onboarding of ex-Binance employees. However, no personnel information was revealed. [6]

“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." Therefore, “operating in Russia was not compatible with Binance's new compliance strategy.” [7]

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CommEX

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Edited On

September 30, 2023

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