All of Crypto Twitter has eyes on the most recent deal between Binance and its regional unit CommEx.
As such, Binance CEO Changpeng “CZ” Zhao took to Twitter this morning to offer extra clarification surrounding the change’s sale of its Russian unit CommEx.
In his message, Zhao addressed the authorized challenges of such a deal, particularly within the context of the continuing sanctions on Russia amid its invasion of Ukraine.
“CommEx doesn’t service US or EU customers,” he wrote. “They’ve IP and KYC blocks. This can be a time period we requested for within the deal.”
The Binance chief additionally clarified that he’s not the Final Helpful Proprietor (UBO) of CommEx, that means he did not financially profit from the deal.
He additional said he holds no shares in CommEx and the settlement lacks buy-back choices.
Moreover, he highlighted that Binance customers migrating to CommEx will witness crypto transfers between the 2 platforms, together with transactions from the testing section.
CZ additionally shared that a number of former Binance workforce members from CIS (Commonwealth of Unbiased States, consisting of Russia and 11 former Soviet Union republics) may transition to CommEx. “We expect that may be a good factor,” he wrote.
Decrypt has contacted CommEX for remark and can replace this text ought to we obtain a response.
Binance, CommEx deal
Binance introduced on Wednesday the sale of its Russia regional unit and its subsequent withdrawal from the nation.
“Our highest precedence is defending our customers and sustaining belief in our platform,” a Binance spokesperson informed Decrypt. “We have now labored tirelessly to spend money on the groups and programs that guarantee consumer safety. We have now made large investments in compliance expertise, processes, and expertise and proceed to give attention to constructing industry-leading international compliance and legislation enforcement help applications.”
Subsequently, “working in Russia was not appropriate with Binance’s new compliance technique.”
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