- CEO Changpeng Zhao provided clarification on the CommEx deal by way of Twitter.
- Russian customers will migrate to CommEx, with cross-platform crypto transfers anticipated in the course of the transition.
- Ex-Binance employees might be part of CommEx to make sure a clean person expertise.
CEO of Binance Changpeng Zhao offered clarification after asserting the sale of Binance’s Russia enterprise to digital asset trade CommEx, which launched on September 26 and is backed by crypto VCs.
Zhao defined that as Russian customers migrate to CommEx, some cross-platform crypto transfers between the exchanges will happen to maneuver funds. He famous related transactions occurred beforehand throughout integration testing.
Moreover, the CEO acknowledged that ex-Binance employees might be part of CommEx to assist the transition. “We expect that may be a good factor,” he wrote, citing the goal of making certain a clean person expertise.
To that finish, Zhao said that CommEx’s design and Utility Programming Interface (API) intently resemble Binance. He emphasised that CommEx is not going to service customers residing within the US or Europe, and the trade applied the required IP and Know Your Buyer (KYC) blocks per the gross sales settlement.
Moreover, Zhao definitively declared he holds no possession stake in CommEx nor any choices to repurchase the Russia enterprise down the road, contrasting Binance’s clear break with the conditional exits of different international companies.
The tweet offers transparency across the mechanics and limitations of Binance’s Russian exit. Because the migration strikes forward, Zhao reaffirmed that Binance has totally relinquished its Russian foothold.
Binance introduced it can promote its Russia enterprise to newly-launched trade CommEX, changing into the most recent firm to exit Russia. The divestment course of will happen over as much as one 12 months, with belongings protected throughout person migration.
