CEFIREGULATION

CommEX, which took over Binance's Russian business one day after its launch, what concerns are there about this sudden emergence?

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CommEX, which took over Binance

Binance announced on the 27th that it will completely withdraw from the Russian market and sell its business to CommEX. However, Binance's relationship with this unknown exchange has also raised questions from various sectors.

CommEx, Binance Exits Russia Just One Day After Its Establishment

Although CommEx was established on September 26, 2023, it was immediately listed on CoinMarketCap, but has not been ranked or tracked for trading volume yet.

CoinGecko does not list any information about CommEx.

CommEx claims to have top-tier crypto venture support

CommEx Only Started Twitter in September

CommEx announced its official launch on September 26, with a strange announcement of listing BTC/USDT and ETH/USDT trading pairs in July as well?

The official Twitter account also shows joining in September 2023.

CommEx launch announcement

CommEx's Privacy Policy Mirrors Binance's

Parts of their privacy policies are similar, with the black background belonging to Binance.

Privacy Policy

Community Questions Shared Liquidity Between CommEx and Binance

CommEx offering "Binance login" functionality has raised significant community questions. Venture capitalist Adam Cochran suspects that CommEx seems to be running through the early Binance Cloud product, allowing partner exchanges to share Binance's liquidity.

Adam Cochran believes this explains why CommEx had millions of dollars in trading volume within hours of going live.

CommEx's Compliance Standards Are Low

Facing scrutiny, a Binance spokesperson told Cointelegraph that users of Binance in Russia can choose whether to use CommEx.

It is understood that CommEx's compliance standards are quite low, with a 2BTC withdrawal limit without requiring KYC.

CommEx's official website

CommEx Payment Options Include Sanctioned Banks

In addition, CommEx's region restrictions exclude countries like the United States and Singapore.

According to its P2P trading interface, payment options include sanctioned Russian bank Sberbank.

A CommEx spokesperson responded to users on TG stating that the platform is registered in Seychelles, focusing on the Commonwealth of Independent States (CIS) and Asian regions.

P2P trading interface

CZ Responds: Similar Design for User Experience

CZ mentioned that members who were previously responsible for the Commonwealth of Independent States (CIS) at Binance may or have already joined CommEx, which he sees as a positive development.

The reason for requiring CommEx's design and API to be similar to Binance's is to ensure a seamless user experience.

CZ emphasized that companies like Mercedes and McDonald's retain buyback options when selling in Russia, but Binance operates differently, with no ongoing revenue sharing or options to repurchase business shares in any way.