Binance’s CEO sought to dispel speculation about the mysterious, dormant crypto firm uncovered as part of a hasty Russian exit. On Thursday, Changpeng Zhao denied that he was the owner of CommEX, an unknown entity buying Binance’s assets in Russia.
This week, following reports that the United States Department of Justice was investigating sanctions violations, Binance, an investment holding company founded and managed by CZ said it planned to leave Russia.
“I am not their UBO [ultimate beneficial owner], nor do I own any shares there,” CZ said of CommEx, adding that a few former Binance staff from the region have gone to work for CommEX, or may do so in the future.
In addition, CZ stated that the two companies had already undertaken historical transactions during the integration testing phase and Binance requested CommEX’s equivalent configuration and technical features to facilitate this transition.
Binance’s press release goes on to say that it has completely exited Russia, with a transition period of several months.