Binance Founder Changpeng Zhao Clarifies CommEx Partnership Post Russia Exit
In Brief
Binance Founder Changpeng Zhao denied personal stake in CommEx, revealing the partnership’s operational limits and no share repurchase options.
Binance founder Changpeng Zhao, popularly known as CZ, recently clarified the extent of the partnership between Binance and CommEx, emphasizing a purely cooperative relationship. Zhao took to X (Twitter) to clear the air regarding his role and the nature of the partnership amid rising speculations.
Addressing the situation, CZ clarified that he is not the ultimate beneficiary of CommEx and holds no shares in the platform. He underlined that the association between Binance and CommEx is solely collaborative, involving certain shared aspects like design and API for a seamless user experience.
Former Binance CIS Team Members Joining CommEx
Another aspect of the partnership CZ highlighted is the transition of some former Binance CIS team members to the CommEx team. This move is viewed positively, believed to foster the growth and development of both platforms.
CZ further elaborated the operational limitations of CommEx. He said adhering to legal frameworks, CommEx does not extend its services to users in the United States or the European Union, enforcing strict IP and KYC restrictions.
Contradicting general assumptions and distinguishing from other business deals, CZ also clarified that the cooperation does not include any provisions for repurchasing shares. The announcement comes as a decisive step towards maintaining transparency and understanding regarding the relationship between Binance and CommEx.
Some answers about Binance/CommEx.
— CZ 🔶 Binance (@cz_binance) September 28, 2023
There will be crypto transfers between Binance & CommEx as users migrate with their funds. There are also older transactions during the testing phase of the integrations. This is expected.
A few ex-Binance CIS team members may join their team,…
A Reality Check for Users
CZ’s clarification establishes clear boundaries in the Binance-CommEx association, potentially mitigating market speculations and unfounded assumptions. The emphasis on a cooperative relationship, devoid of shared ownership or buy-back options, places the partnership in a straightforward light.
While the collaboration includes shared aspects like design and API, ensuring a unified and smooth user experience, it operates within legal bounds, with CommEx not servicing U.S. or E.U. users. The entry of ex-Binance CIS members into CommEx further underscores the cooperative essence of this partnership.
In conclusion, CZ’s announcement offers a comprehensive understanding, quelling uncertainties and reinforcing the commitment of both platforms to legal adherence, cooperation, and mutual growth.
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About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
