Changpeng Zhao Claims Not To Own A CommEX, Russia's Binance Buyer Crypto Company

Changpeng Zhao, founder of the Binance crypto exchange. (Photo; Doc. Coincholik)

Changpeng Zhao (CZ) has denied claims that he may be the owner of CommEX, a company whose identity is still being questioned by the public. CZ issued this clarification on Thursday, September 28, 2023 in line with speculation about the ownership of this mysterious company.

Remember that earlier this week, CZ announced that Binance would leave Russia. In his announcement, he stated that the decision was related to an ongoing investigation by the US Department of Justice claiming that Binance may have violated sanctions.

Meanwhile, on the same day, reports also emerged that CommEX had purchased Binance's business in Russia. However, surprisingly many people, CommEX barely has a business footprint that can be traced. In fact, the company seems to be only a few days old, and even more surprising, has a strong resemblance to Binance.

In an attempt to end all speculation about affiliates with CommEX, CZ is now using social media platforms to state that he has no ties to the company.

"I'm not their single owner (CommEX), and I also don't have any shares there," said Changpeng Zhao.

Meanwhile, CZ is also trying to quell further rumors that may arise from the CommEX recruitment pattern. He hinted that several former Binance employees in the region had joined CommEX. Zhao also said there was a possibility that more staff in the region would take similar actions in the future.

According to Zhao, the similarities in the appearance of the two companies have been carefully thought of in the period leading up to this transition. CZ confirmed that Binance did encourage CommEX to have a similar design and technical feature to Binance. However, that's just to ensure a smooth transition, the CEO added. This implications fully out of Russia, with the transition expected to be completed in the next few months.