How to Invest in Web 3.0: Binance Russia Buyer’s Perspective

Investing in Web 3.0

Amid the increasing doubts about CommEx — the anonymous purchaser of Binance’s Russian arm — the freshly launched firm has been denying any ties with Binance.

On September 29, CommEx released an open letter to the public, reiterating that the company is not owned by Binance, which had declared its withdrawal from Russia by selling the firm to CommEx.

“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 why they 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.

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Investing in Web 3.0

The CommEx announcement revealed that the firm has been working on its platform for the past six months, during which time it recruited some ex-Binance employees. “This has allowed us to benefit 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) have joined or are joining the new firm, as Binance CEO Changpeng Zhao said on X (formerly Twitter) on Sept. 28. “We think that is a good thing,” he added.

In addition to hiring some ex-Binance employees, CommEx has taken design, application programming interfaces, or APIs, and terms of use from Binance. “We asked for this to ensure a smooth user experience,” CZ wrote.

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Investing in Web 3.0

The CEO of Binance, Changpeng Zhao, has made it clear that CommEx does not provide services to customers in the United States and Europe, due to intellectual property and Know Your Customer (KYC) blocks. “This is a term we asked for in the deal,” CZ stated.

Recent data from the CommEx Telegram group has revealed that users can trade up to 2 Bitcoin (BTC) without completing KYC checks, which is equivalent to roughly $54,000.

The lack of information about the owners of CommEx, as well as the presence of ex-Binance employees and similar website design and APIs, has sparked speculation that Binance is the company’s true identity.

Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, has suggested that CommEx is “just another shell company by Binance.”

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Conversely, some crypto analysts think that such a decision would put Binance’s choice to leave Russia in jeopardy. David Lesperance, founder of Lesperance & Associates, told Cointelegraph that “it would be even worse if Binance kept the business, as U.S. authorities could quickly figure out if the new owners were just a front for Binance.”