4. CommEx, the buyer of Binance's Russian division, faces ownership skepticism but insists it has no ties to Binance
In an open letter to the community, CommEx stated that it is not owned by Binance and declined to disclose its ultimate beneficial owners (UBO). The company has been developing its platform for six months and has onboarded some former Binance employees. Despite these connections, Binance emphasizes that it no longer owns the exchange. CommEx has adopted design, APIs, and terms of use from Binance for a smooth user experience. Speculation persists about Binance's involvement with CommEx, but some believe such a move would contradict Binance's decision to exit Russia.
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