Cryptocurrency exchange Binance has revealed its plans to fully exit the Russian market by selling its local business to a newly established exchange called CommEx. However, limited information is currently available about CommEx’s background and founders. The exchange was launched just one day before Binance announced its sale to CommEx on September 26, 2023.
Questions about CommEx’s ownership and executives remain unanswered as the company spokesperson has not provided any details in response to users’ inquiries on the official Telegram group. The spokesperson did mention that CommEx is registered in the Seychelles and will operate as a global exchange focusing on the Commonwealth of Independent States (CIS) and Asia.
Despite its recent launch, CommEx has already been listed on CoinMarketCap, a major cryptocurrency tracking website that Binance acquired in April 2020. Meanwhile, CoinGecko, another popular market tracker, does not contain any information about CommEx at the time of writing.
According to CoinMarketCap, CommEx currently offers 25 trading pairs, including popular stablecoins like Tether (USDT) and Binance’s own cryptocurrency BNB. The exchange’s description on CoinMarketCap states that CommEx is rapidly expanding and is backed by top-tier crypto venture capitalists.
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Initially, CommEx will support peer-to-peer (P2P) transactions in Russia, allowing users to exchange cryptocurrencies without using the platform’s fiat channels. Once fiat channels are live, the platform will launch spot trading of USDT against Russia’s fiat currency, the ruble.
Binance assured its users that migrating to CommEx is optional, and they can also withdraw their funds to another platform if they prefer. However, Binance clarified that it would sunset all exchange services and business lines in Russia over the next several months.
CommEx has imposed certain restrictions regarding user registration and services in several locations, including the United States, Belgium, the Republic of Cyprus, Czechia, the Netherlands, Singapore, Iran, and Crimea. The exchange representative also mentioned that Binance’s contactless payment tool, Binance Pay, is unlikely to continue working with CommEx.
The announcement of Binance’s exit from Russia has triggered speculation about the ownership of CommEx within the local crypto community. Some users have pointed out similarities between the layouts of Binance and CommEx’s websites, suggesting that CommEx is a “full copy” of Binance’s website with only logo and color changes. These similarities extend to privacy notices and other website pages like terms of use.
Russia has been one of Binance’s largest markets, accounting for 6.9% of total visits to the Binance.com website at the time of writing. Some observers in the crypto community believe that Binance may have established CommEx as a way to continue its operations in Russia, similar to how Binance.US operates independently in the United States.
Binance declined to comment on whether it is aware of CommEx’s founders or executives. CommEx’s spokesperson also refrained from providing immediate comments, emphasizing their focus on platform optimization and stability.
With this sale, Binance confirmed its full exit from Russia and stated that it has no plans to return. The move marks a significant development in the Russian cryptocurrency market and leaves users and industry observers curious about the future direction of CommEx.
