CZ Denies Ownership of CommEX

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Last Updated on September 29, 2023 by Bitfinsider

Changpeng “CZ” Zhao denied on Thursday that he is the owner of CommEX, the mysterious entity that purchased Binance’s Russian operations.

Binance, of which CZ is the founder and CEO, said this week that it was leaving Russia following rumours of a US Department of Justice probe into sanctions violations.
This raised concerns about the identity of CommEX, a company with a similar user interface to Binance that looks to be only a few days old.

“I am not their UBO [ultimate beneficial owner], nor do I own any shares there,” CZ wrote of CommEx in a post on X, formerly Twitter, adding that some former Binance employees from the region had gone to work for CommEX or may do so in the future.

CZ noted that previous transactions between the two firms were connected to the “testing phase” of integration, and Binance had requested that CommEX have a similar design and technical features to simplify the transfer.

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