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Changpeng Zhao Refutes Rumor Of Owning CommEX

Published:

Today, Thursday, September 28, Changpeng Zhao (CZ), founder of the world’s largest crypto exchange by trading volume, Binance, denies the rumor that he owns the mysterious new company CommEX that bought out Binance’s business in Russia.

To quell the growing speculations making rounds regarding the mysterious newly emerged cryptocurrency company CommEX, CZ denies having any prior connection to it.

READ ALSO:Hong Kong Financial Regulators Will Likely Sue JPEX Bad Actors

Previously this week, CZ, the founder and CEO of Binance, announced that the crypto exchange will be exiting from Russia due to reports of the United States DOJ (Department of Justice) investigations into the violation of sanctions.

Quick Takes

  • The day-old crypto company CommEX bought all of Binance’s business in Russia, making it easy for the exchange to retreat from Russia.
  • This hasty cut-and-nail transaction raised questions concerning the identity of the mysterious company that just appeared and helped Binance out of the blue.
  • Moreover, the new crypto company has the same user interface and feel as Binance.
  • However, Zhao explained that the trending transactions between the two crypto exchanges relate to the “testing stage” of integration. As a result, Binance asked CommEX to use the same design and technical features to enable a smooth transition period.
  • Zhao further declared that he is not the ultimate beneficial owner (UBO) of CommEX, nor does he own any shares in the new company. , he used the social media platform X, former Twitter, to reveal that some former staff of Binance that hail from that area have gone to continue working for CommEX or are likely to do so later.
  • During his press release yesterday, Zhao confirmed that he has no revenue split or option to purchase back shares from the new CommEX.
  • He maintained that Binance is fully and completely quitting from Russia and that they only have a few months of transition.

What’s Happening In Crypto Today?

At the time of this writing, Bitcoin is trading at $26,524.69, with a slight increase in market cap by 0.41% and a higher increase in trading volume by 58.41%.

On the other hand, Ethereum is now selling at $1,630.56, with a slight increase in market cap by 0.96% and a higher increase in trading volume by 50.47%.

  • Meanwhile, the USD Coin is currently priced at $1.00, with a decline in market cap by 0.65% and an increase in trading volume by 22.28%.
  • Cardano is now selling at $0.2461, with a slight increase in market cap by 0.30% and an increase in trading volume by 34.65%.
  • Currently, Dogecoin is priced at $0.06107, with a small rise in market cap by 0.29% and a slight increase in trading volume by 3.75%.
  • Solana is presently sold at $19.25, with a little rise in market cap by 0.20% and a higher increase in trading volume by 44.74%.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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