December 2, 2023

CommEX - businessmen from Kazakhstan may be behind the acquisition of the Russian business of Binance

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CommEX — Businessmen from Kazakhstan may be behind the acquisition of the Russian business of Binance

The largest crypto exchange Binancedecided to leave Russia, giving her business to the startup CommEX, registered in the same Seychelles and having the same technical support as the Kazakh commodity exchange.

There is little official information about the CommEX company and its teamconfirmed information. The CommEX support service reports that the successor to the largest crypto exchange on the Russian market is registered in the same offshore as Binance, and is focused on clients from Russia, Asia and the CIS countries. At the same time, similar to Binance, the startup promises that Hong Kong legislation will be applied to resolve legal disputes.

However, as was able to verify, contacting CommEX technical support leads to an Almaty company “
Alan Trading Exchange.

This information is confirmed, for example,founder of the BitOK service Dmitry Machikhin. The businessman suggests that the buyers (creators?) of CommEX were citizens of Kazakhstan, “coming from the Eurasian Commodity Exchange.”

“Representatives of Binance who left the companywere actively recruiting personnel for a certain “Russian subsidiary” Binance in Kazakhstan. The previous scenario was probably different. But now this is how it is, nominally or actually, with a user base that will remain in the “new Russian-Kazakh” Binance will be owned by a Kazakh structure, nominally without the right of repurchase,” writes Dmitry Machikhin in his telegram channel.

Data from the official telegram channel CommEXthey say it just launched this week. On the morning of Wednesday, September 27, the channel had only 289 registered users. However, after the publication of the Binance notice, their number began to grow rapidly. 

CommEX promises to work with users fromCrimea (that is, not afraid of sanctions) and make replenishment available in rubles. A mobile application for iOS and Android platforms is expected to appear in the near future.

The new exchange has posted a guide on its website explaining how Binance users can connect their accounts to the newly launched platform.

CommEX — Businessmen from Kazakhstan may be behind the acquisition of the Russian business of Binance

According to the first users of the siteCommEX, a service allows clients to log into the platform using the credentials of the Binance exchange. Since the integration of the Binance client base into the CommEX platform is planned to be carried out gradually over the course of a year, if the new exchange does not have client data, he will need to go through the verification procedure again.

Early users of CommEX have already noticed thatThe platform rejects login requests coming from outside Russia or using VPN services. It is not yet clear whether this meets the requirements of the exchange’s security rules or is simply a technical failure due to the explosive growth of requests to a site unprepared for the influx of visitors. Also, the exchange does not provide services to citizens of the USA, EU (with the exception of Finland), Singapore, Iran, Cuba, Syria and North Korea.

According to the official announcement of Binance, the crypto platform has entered into
a deal to sell part of the business to the CommEX exchange for an undisclosed amount.