Amid growing skepticism about CommEx — the mysterious buyer of Binance’s Russian division — the newly launched firm has continued denying Binance’s ownership involvement.
“Although we do not disclose our UBO, we want to make it clear that we are not owned by Binance,” CommEx wrote on its website. A spokesperson for CommEx declined to comment to Cointelegraph about the reasons it won’t share any information about its owners.
“We are a vibrant and efficient start-up team, made up of dozens of passionate individuals from diverse backgrounds,” CommEx said in the announcement, adding that some of its core members are former Binance veterans.
The CommEx announcement said the firm has been developing its platform for six months, during which time it onboarded some ex-Binance employees. “This has allowed us to learn from Binance’s product and operations experiences, establishing indirect connections with them,” CommEx added.
The announcement confirms that former team members of Binance’s division in the Commonwealth of Independent States (CIS) are part of CommEx, despite Binance having no ownership in the exchange.
Former employees at Binance CIS will join or may have already joined the new firm, Binance CEO Changpeng Zhao said on X (formerly Twitter) on Sept. 28. “We think that is a good thing,” he added.
Some answers about Binance/CommEx.
There will be crypto transfers between Binance & CommEx as users migrate with their funds. There are also older transactions during the testing phase of the integrations. This is expected.
A few ex-Binance CIS team members may join their team,…
In addition to hiring some ex-Binance employees, CommEx has taken things like design, application programming interfaces, or APIs, and even terms of use from Binance. “We asked for this to ensure a smooth user experience,” CZ wrote.
The Binance CEO also stressed that CommEx does not provide services to users based in the United States and Europe. CZ noted that European and U.S. residents will face intellectual property and Know Your Customer blocks when trying to access CommEx. “This is a term we asked for in the deal,” CZ stated.
According to data from CommEx representatives in the firm’s official Telegram group, CommEx users can trade without completing KYC checks for up to 2 Bitcoin (BTC), or about $54,000.
CommEx’s unwillingness to disclose information about its owners, paired with having ex-Binance employees and similar website design and APIs, has fueled chatter about Binance being the company’s owner in disguise.
Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, believes that CommEx is “just another shell company by Binance.”
On the other hand, some crypto observers believe that such a move would undermine Binance’s whole decision to leave Russia. “Obviously U.S. authorities could quickly determine if the new owners were simply straw men for Binance. This would make the situation look even worse than if Binance just held onto the business,” Lesperance & Associates founder David Lesperance told Cointelegraph.
Prosecutors appealed the sentences given to HashFlare founders Sergei Potapenko and Ivan Turõgin, after arguing the pair should get 10 years in prison.
Nigel Farage has said he would take the UK out of the European Convention on Human Rights (ECHR) if Reform win the next election.
The party’s leader also reaffirmed his pledge to repeal the Human Rights Act and disapply three other international treaties acting as “roadblocks” to deporting anyone entering the UK illegally.
In a speech about tackling illegal migration, he said a Reform government would detain and deport any migrants arriving illegally, including women and children, and they would “never, ever be allowed to stay”.
Sky News looks at what the ECHR is, how the UK could leave, and what could happen to human rights protections if it does.
What is the ECHR?
On 4 November 1950, the 12 member states of the newly formed Council of Europe (different to the EU) signed the Convention for the Protection of Human Rights and Fundamental Freedoms – otherwise known as the ECHR.
It came into force on 3 September 1953 and has since been signed by an additional 34 Council of Europe members who have joined, bringing the total to 46 signatories.
The treaty was drafted in the aftermath of the Second World War and the Holocaust to protect people from the most serious human rights violations. It was also in response to the growth of Stalinism in central and Eastern Europe to protect members from communist subversion.
The treaty was the first time fundamental human rights were guaranteed in law.
Sir Winston Churchill helped establish the Council of Europe and was a driving force behind the ECHR, which came from the Charter of Human Rights that he championed and was drafted by British lawyers.
Image: Sir Winston Churchill was a driving force behind the ECHR
To be a signatory of the ECHR, a state has to be a member of the Council of Europe – and they must “respect pluralist democracy, the rule of law and human rights”.
There are 18 sections, including the most well-known: Article 1 (the right to life), Article 3 (prohibition of torture), Article 6 (right to a fair trial), Article 8 (right to private and family life) and Article 10 (right to freedom of expression).
The ECHR has been used to halt the deportation of migrants in 13 out of 29 UK cases since 1980.
ECHR protections are enforced in the UK through the Human Rights Act 1998, which incorporates most ECHR rights into domestic law. This means individuals can bring cases to UK courts to argue their ECHR rights have been violated, instead of having to take their case to the European Court of Human Rights.
Article 8 is the main section that has been used to stop illegal migrant deportations, but Article 3 has also been successfully used.
Image: The ECHR is interpreted by judges at this court in Strasbourg, France. File pic: AP
How is it actually used?
The ECHR is interpreted by the European Court of Human Rights (ECtHR) – you’ll have to bear with us on the confusingly similar acronyms.
The convention is interpreted under the “living instrument doctrine”, meaning it must be considered in the light of present-day conditions.
The number of full-time judges corresponds to the number of ECHR signatories, so there are currently 46 – each nominated by their state for a non-renewable nine-year term. But they are prohibited from having any institutional ties with the state they come from.
An individual, group of individuals, or one or more of the signatory states can lodge an application alleging one of the signatory states has breached their human rights. Anyone who have exhausted their human rights case in UK courts can apply to the ECtHR to have their case heard in Strasbourg.
All ECtHR hearings must be heard in public, unless there are exceptional circumstances to be heard in private, which happens most of the time following written pleadings.
The court may award damages, typically no more than £1,000 plus legal costs, but it lacks enforcement powers, so some states have ignored verdicts and continued practices judged to be human rights violations.
Image: Inside the European Court of Human Rights. File pic: AP
How could the UK leave?
A country can leave the convention by formally denouncing it, but it would likely have to also leave the Council of Europe as the two are dependent on each other.
At the international level, a state must formally notify the Council of Europe of its intention to withdraw with six months’ notice, when the UK would still have to implement any ECtHR rulings and abide by ECHR laws.
The UK government would have to seek parliament’s approval before notifying the ECtHR, and would have to repeal the Human Rights Act 1998 – which would also require parliamentary approval.
Would the UK leaving breach any other agreements?
Leaving the ECHR would breach the 1998 Good Friday Agreement, a deal between the British and Irish governments on how Northern Ireland should be governed, which could threaten the peace settlement.
It would also put the UK’s relationship with the EU under pressure as the Brexit deal commits both to the ECHR.
The EU has said if the UK leaves the ECHR it would terminate part of the agreement, halting the extradition of criminal suspects from the EU to face trial in the UK.
Image: Keir Starmer has previously ruled out taking Britain out of the ECHR
How would the UK’s human rights protections change?
Certain rights under the ECHR are also recognised in British common law, but the ECHR has a more extensive protection of human rights.
For example, it was the ECHR that offered redress to victims of the Hillsborough disaster and the victims of “black cab rapist” John Worboys after state investigations failed.
Before cases were taken to the ECtHR and the Human Rights Act came into force, the common law did not prevent teachers from hitting children or protect gay people from being banned from serving in the armed forces.
Repealing the ECHR would also mean people in the UK would no longer be able to take their case to the ECtHR if the UK courts do not remedy a violation of their rights.
The UK’s human rights record would then not be subject to the same scrutiny as it is under the ECHR, where states review each other’s actions.
Image: Two victims of John Worboys sued the Met Police for failing to effectively investigate his crimes using Article 3 of the ECHR. Pic: PA
How human rights in the UK would be impacted depends partly on what would replace the Human Rights Act.
Mr Farage has said he would introduce a British Bill of Rights, which would apply only to UK citizens and lawful British citizens.
He has said it would not mention “human rights” but would include “the freedom to do everything, unless there’s a law that says you can’t” – which is how common law works.
Legal commentator Joshua Rozenberg said this would simply confirm the rights to which people are already entitled, but would also remove rights enjoyed by people visiting the UK.
Over a quarter of Brits said they’d add crypto to their retirement portfolios, while 23% would even withdraw existing pension funds to invest in the space.