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    <p>CommEX has announced that it will “completely shut down the official website on 10 May” due to “strategic planning adjustments,” according to a blog post on its support website.</p> 
    <p>CommEX purchased Binance’s Russian operations in September, though questions swirled about the ownership and financial entanglements between Binance and this newly formed entity.&nbsp;</p> 
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       Binance raises red flags by selling Russian arm to brand-new CommEX
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Binance raises red flags by selling Russian arm to brand-new CommEX” — Protos" src="https://protos.com/binance-raises-red-flags-by-selling-russian-arm-to-brand-new-commex/embed/#?secret=ufa43VyqKm#?secret=bLIVeXWEQ9" data-secret="bLIVeXWEQ9" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe> 
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    <p>These concerns were compounded when users noticed that CommEX seemed strikingly similar to <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>, leading many to assume that it was a white-label <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> Cloud-based exchange.&nbsp;</p> 
    <p>This was compounded by the fact that CommEX offered a ‘Log in with Binance.com’ option, making it <strong>easy for users of Binance in Russia to quickly transition to the incredibly similar CommEX</strong>.&nbsp;</p> 
    <p>Even <a rel="dofollow" title="Changpeng Zhao" href="https://thebittimes.com/tag/changpeng-zhao.html">Changpeng Zhao</a>, then-chief exec of <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>, added that BNB users would “continue to enjoy a 25% trading fee discount on” CommEX.&nbsp;</p> 
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       <p lang="en" dir="ltr">The Context: <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> woes in Russia disappear<br><br>How to fake-leave a jurisdiction 101 by @BennettTomlin <br><br>Subscribe and read https://t.co/Ms1nlLjHG8 pic.twitter.com/9V9kcmibI9</p>— Protos (@Protos) September 28, 2023
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    <p><em>Read more: Why do this obscure Russian exchange’s emails come from Binance?</em></p> 
    <p>The original announcement six months ago from <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> noted that “the off-boarding process will take up to one year.” Since that time, <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a> and Zhao have pled guilty to felony charges in the US, including violations of the Bank Secrecy Act, failure to register as a money services business, and <strong>failure to maintain an effective anti-money laundering program</strong>.</p> 
    <p>Protos reached out to CommEX for clarification on what ‘strategic planning adjustments’ led to the decision to shut down the exchange and for clarification on the relationship with <a rel="dofollow" title="Binance" href="https://thebittimes.com/tag/binance.html">Binance</a>, but they did not immediately respond. We will update this if we hear back.</p> 
    <p><em>Got a tip? Send us an email or ProtonMail. For more informed news, follow us on&nbsp;X,&nbsp;</em><em>Instagram</em><em>,&nbsp;</em><em>Bluesky</em><em>, and&nbsp;</em><em>Google News</em><em>, or subscribe to our&nbsp;</em><em>YouTube</em><em>&nbsp;channel.</em></p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/commex-shuts-down-after-purchasing-russian-binance-operations-tbt83498.html">https://thebittimes.com/commex-shuts-down-after-purchasing-russian-binance-operations-tbt83498.html</a></p>

CommEX shuts down after purchasing Russian Binance operations

TheBitTimes

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