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CommEX
Who Owns CommEX?
02/05/2024

Who Owns CommEX?

02/05/2024
4,6

The CommEX cryptocurrency exchange gained popularity with the withdrawal of Binance from the Russian market and the need for new exchanges to work with Russian cards. However, the question of who owns CommEX continues to attract the interest of users.

The CommEX cryptocurrency exchange was registered in Seychelles in 2023 after buying the Russian operations of Binance. CommEX is a global cryptocurrency exchange that offers 25 trading pairs, including stablecoins, at the time of launch. The exchange will primarily serve customers in the Commonwealth of Independent States (CIS) and Asian countries.

CommEX: Who Owns It?

Neither Binance nor CommEX disclosed information about the owner of the exchange, and CommEX's official letter to its users stated that the owner, CEO, and key employees preferred to remain anonymous.

On the one hand, the completely anonymous management of a cryptocurrency exchange is usually a cause for concern for users, but CommEX's apparent connection to Binance and the sale of its Russian business to these very people suggests a degree of trust in Binance, which will inevitably suffer reputational damage in the event of problems at CommEX.

Summary: Who Owns CommEX?

Only time will tell, but it is worth noting that cryptocurrencies are still not fully regulated in Russia, which may make the heads of exchanges with Russian citizenship want to keep their identities confidential. Assuming that some of CommEX's key employees are EU or US citizens, they may not want to be publicly associated with any business in Russia.

Both exchanges, whose owners remained anonymous until the last minute, and those whose management was well known (remember FTX?) turned out to be unscrupulous. It is therefore always worth being cautious and never keeping large sums of money on an exchange, as well as studying the laws of your country and always conducting your own research using both technical and fundamental analysis (DYOR).

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