Binance successor in Russia: Everything you need to know about CommEx, so far
Cryptocurrency exchange Binance has claimed that it will fully quit Russia by selling its local business to a completely new exchange known as CommEx. While promising its customers a “smooth” migration, Binance hasn’t provided much information about its successor in Russia.
At the time of the announcement, little is known about CommEx’s founders or background. The exchange was launched on Sept. 26, 2023, just one day before Binance announced the sale of its business to the newly created exchange for an undisclosed amount.
A spokesperson for CommEx didn’t respond to multiple questions from users about the company’s owners or executives in the official Telegram group. The person claimed that CommEx is registered in the Seychelles and will serve its customers as a global exchange focused on two main regions: the Commonwealth of Independent States (CIS) and Asia.
CommEx already on Binance-owned CoinMarketCap
At launch, CommEx supports only a browser version, with the firm promising to introduce a mobile app in the near future. Despite being launched just one day ago, CommEx is already listed on CoinMarketCap, a major crypto tracking website that Binance acquired in April 2020. On the other hand, rival market tracker CoinGecko doesn’t include any information about CommEx at the time of writing.
According to CoinMarketCap data, CommEx lists 25 trading pairs at launch, including stablecoins like Tether (USDT) and Binance’s BNB (BNB) cryptocurrency. “CommEx is a rapidly expanding cryptocurrency exchange, backed by top-tier crypto VCs,” the description of the new exchange on CoinMarketCap reads.
CommEx will initially support peer-to-peer (P2P) transactions in Russia, allowing users to exchange their crypto without using the platform’s fiat channels. The platform will launch spot trading of USDT against Russia’s fiat currency, the ruble, once fiat channels are live, according to a spokesperson in CommEx’s Telegram group.
A spokesperson for Binance told Cointelegraph that it would be “entirely optional” for Binance users to move over to CommEx. “You may also withdraw your funds to another platform if you’d like,” the person noted, adding that users would still be able to migrate their assets to CommEx. The spokesperson added:
“Russia KYC’d new users registration will immediately be redirected to CommEX. Then, over the next several months, Binance will sunset all exchange services and business lines in Russia.”
According to the CommEx representative, users can trade without completing Know Your Customer (KYC) checks for up to 2 Bitcoin (BTC) in withdrawals. The firm will not allow account registration or services in locations including the United States, Belgium, the Republic of Cyprus, Czechia, the Netherlands and Singapore, as well as sanctioned regions like Iran and Crimea, CommEx’s location restrictions page reads.
The spokesperson also said it’s unlikely that Binance’s contactless payment tool, Binance Pay, will continue to work with CommEx.
Users question CommEx ownership
Binance’s announcement has triggered some speculation in the local crypto community regarding the owners of Binance’s successor in Russia. Some users have found similarities in the layouts of Binance and CommEx’s websites, while others said that CommEx was a “full copy” of Binance’s website.
“They just changed the logo and colors but essentially it’s the same website. I wouldn’t be surprised if Russian tops who left banana [Binance] would be managing directors here,” one commenter wrote in a now-deleted comment on CommEx’s Telegram group.
Among the similarities are significant resemblances between Binance and CommEx’s privacy notices and other website pages like terms of use. For example, CommEx’s privacy notice essentially provides a reworded copy of Binance’s privacy notice, closely following its structure and many formulations.
Russia has been one of Binance’s biggest markets, and the country is listed as the top market in terms of user visits for the website Binance.com, accounting for 6.9% of total visits at the time of writing, according to data from SimilarWeb.
“I don’t think that CZ [Changpeng Zhao] is ready to abandon such a huge pie like Russia and leave just like that,” one local cryptocurrency observer told Cointelegraph. Some people in the community have drawn parallels between CommEx in Russia and Binance’s affiliate in the United States, Binance.US, which claims to operate “independently” of Binance.
“It looks like some sort of Binance.US but just without the word ‘Binance’ in its name,” another local crypto enthusiast told Cointelegraph.
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A spokesperson for Binance declined to comment on whether the company is aware of CommEx’s founders or executives. CommEx’s spokesperson declined to comment immediately, stating that the firm is focused on “platform optimization and stability,” as the CommEx website briefly went down amid Russian users rushing to the website after Binance made the announcement. CommEx’s Russian Telegram group, which had just about 50 members before the announcement, now counts nearly 2,000 users.
“With this sale, Binance fully exits Russia. We have no plans to get back,” a spokesperson for Binance told Cointelegraph.
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Politics
Starmer says ‘US is right’ about UK and Europe needing to take more responsibility for defence
Sir Keir Starmer has said the United States “is right” about the UK and Europe needing to take more responsibility for defence and security.
The prime minister, speaking at the Scottish Labour conference in Glasgow on Sunday, said he is clear Britain “will take a leading responsibility” in protecting the continent.
“Instability in Europe always washes up on our shores,” he said.
“And this is a generational moment. I’ve been saying for some time that we Europeans – including the United Kingdom – have to do more for our defence and security. The US is right about that.”
He added “we can’t cling to the comforts of the past” as it is “time to take responsibility for our security”.
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Donald Trump sparked an emergency meeting of European leaders this week after he said European NATO members should spend more on defence, while the US should spend less.
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Sir Keir has said he will set out a path for the UK to spend 2.5% of GDP on defence, up from the current 2.3%, but has not indicated when that will be.
It is believed he may announce the details when he visits Mr Trump in Washington DC on Thursday, bringing forward the announcement that was expected in the spring when a defence spending review is published.
The prime minister reiterated the UK will “play our role” if required in Ukraine following a peace agreement after he earlier this week said the UK would send troops to be part of a peacekeeping force.
Sir Keir will meet Donald Trump in the White House on Thursday. Pic: AP
However, his comments caused a row with Germany and Italy who said it was premature to commit to boots on the ground, although France agreed with the UK.
Sir Keir said: “As we enter a new phase in this conflict, we must now deepen our solidarity even further.”
He added: “There can be no discussion about Ukraine without Ukraine.
“And the people of Ukraine must have long-term security.”
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This week has seen US officials meet their Russian counterparts in Saudi Arabia to discuss Ukraine – which has been met with indignation by Ukrainian President Volodymyr Zelenskyy as none of his team were invited.
No Europeans were invited either, sparking concern the US is pandering to Vladimir Putin.
Sir Keir has promised Mr Zelenskyy he will make the case for safeguarding Ukraine’s sovereignty when he meets with Mr Trump, who has called the Ukrainian president a dictator.
Mr Trump also said Sir Keir and French President Emmanuel Macron, who will visit the White House too this week, “haven’t done anything” to end the war.
The prime minister has announced £200m for Grangemouth ahead of the closure of Scotland’s last oil refinery.
Sir Keir Starmer, speaking at the Scottish Labour conference on Sunday, said the cash would come from the National Wealth Fund for an “investment in Scotland’s industrial future”.
Grangemouth oil refinery, on the banks of the Firth of Forth, is set to cease operation this summer and transition into an import terminal, making 400 workers redundant.
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Sir Keir said: “We will grasp the opportunities at Grangemouth, work alongside partners to develop viable proposals, team up with business to get new industries off the ground and to attract private investors into the partnership we need.
“We will allocate £200m from the National Wealth Fund for investment in Grangemouth.”
The money comes on top of a £100m “growth plan” already in place for the area.
Scotland’s first minister, the SNP’s John Swinney, welcomed the announcement and said it is “important that the Scottish and UK governments work together on securing the future for the workforce”.
The plant will become an import terminal. Pic: Jane Barlow/PA
Sir Keir said the new investment will be a partnership with the private sector, and he is expecting three times the amount the government is putting in to come from private investors.
The prime minister said he believes the transition to clean energy is a “golden opportunity for Britain, especially for Scotland”, and is essential for national security as it “gets Putin’s boots off our throat”.
However, he said oil and gas are also “vital for our security” so will be “part of the future of Scotland for decades to come”.
As well as the investment in Grangemouth’s future, Sir Keir said every person made redundant will get 18 months full pay and a skills and training offer “backed up with up to £10m”.
Any business in Grangemouth that takes on those workers will get National Insurance relief, he also said.
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Petroineos, which owns Grangemouth, announced last September it was to close Grangemouth by this summer because it was unable to compete with sites in Asia, Africa and the Middle East.
The refinery is understood to have been losing about £395,000 a day when it made the announcement and was on course to lose about £153m this year.
The company said the decision would “safeguard fuel supply for Scotland” by converting the site into a terminal able to import petrol, diesel, aviation fuel and kerosene into Scotland.
However, it said that would only need a workforce of fewer than 100 employees.
Petroineos announced its intention to close the plant in November 2023 but union leaders had hoped it could remain open for longer to provide time for a green alternative to be established there.
Prior to the 16th Amendment, which was ratified in 1913, the United States did not have a permanent income tax levied on citizens.
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