On Thursday, Changpeng CZ Zhao, the CEO of Binance, refuted rumors that he is the mysterious owner of CommEX, which acquired Binance’s Russian business.
The U.S. Department of Justice is reportedly looking into sanctions violations, which led to Binance’s announcement this week that it was leaving Russia. Since CommEX appeared to be a new company with a similar user interface to Binance’s, it raised concerns about its identity.
CZ posted on Twitter about CommEX, saying, “I am not their UBO [ultimate beneficial owner], nor do I own any shares there,” adding that some of the resigned staff from Binance might have joined CommEX or may do so in the future.
To make the transition easier for users, Binance requested CommEX for similar design and technical features. It also had older transactions during the “testing phase” of integration, CZ continued. Also, Binance will not provide service to US or EU users.
In a statement released on Wednesday, Binance stated that it was “fully” leaving Russia after a brief transition period and that it had no plans to split revenue or exercise any option to buy back shares from the new company.
Also Read: CZ Asks Court To Dismiss SEC Lawsuit Against Binance
