Binance has officially exited the Russian market, selling its local operations to a newly formed exchange called CommEx. This move has sparked discussions among crypto enthusiasts, with some speculating that CommEx could be a “Russian version” of Binance.US due to the similarities between the two platforms.
CommEx was launched on September 26, 2023, just a day before Binance announced the sale. Despite its recent debut, there is limited information about CommEx’s founders or leadership. A spokesperson revealed that the exchange is registered in the Seychelles and will primarily serve customers in the Commonwealth of Independent States (CIS) and Asia. However, the company has yet to provide details about its executives or ownership.
CommEx’s Early Presence and Features
Though it’s newly launched, CommEx is already listed on CoinMarketCap, a crypto tracking website owned by Binance. It currently supports 25 trading pairs, including stablecoins like Tether (USDT) and Binance Coin (BNB). At the time of launch, CommEx only offers a browser-based platform, with a mobile app promised in the near future. The exchange also plans to support peer-to-peer (P2P) transactions in Russia and will later introduce spot trading of USDT against the ruble.
Binance to Gradually Exit Russia
While Binance users can migrate their funds to CommEx, a spokesperson for Binance clarified that this transition is optional. Users are also free to withdraw their funds to other platforms. Binance plans to phase out all exchange services in Russia over the next few months. Importantly, Russia-based users will be automatically redirected to CommEx when registering for new accounts.
User Speculation About CommEx’s Ownership
The launch of CommEx has led to speculation within the local crypto community about its ownership. Some users noticed that the layout and design of the CommEx website bear strong similarities to Binance’s platform, prompting suspicions that former Binance executives may be behind the new exchange. Binance CEO Changpeng Zhao (CZ) acknowledged that former Binance CIS team members might have joined CommEx, ensuring continuity for users.
Zhao also emphasized that Binance has no buyback options with CommEx and that he holds no shares in the new platform. Despite the resemblance in design and functionality, Zhao stressed that the new platform operates independently.
CommEx’s Potential Role in Russia
Russia has long been a major market for Binance, accounting for a significant portion of its website traffic. Many in the crypto community believe that Binance’s exit from Russia might not be as clear-cut as it seems, with some comparing CommEx to Binance. US, which operates independently but still shares similarities with its parent platform.
CommEx’s emergence signals a new chapter for Russia’s crypto landscape as the country adapts to changes in the industry. As the platform continues to grow, it will be interesting to see how CommEx positions itself in a market long dominated by Binance.
