CZ Explains Migration Process in Wake of Binance’s Russia Exit

  • CEO Changpeng Zhao offered clarification on the CommEx deal via Twitter.
  • Russian users will migrate to CommEx, with cross-platform crypto transfers expected during the transition.
  • Ex-Binance staff may join CommEx to ensure a smooth user experience.

CEO of Binance Changpeng Zhao provided clarification after announcing the sale of Binance’s Russia business to digital asset exchange CommEx, which launched on September 26 and is backed by crypto VCs.

Zhao explained that as Russian users migrate to CommEx, some cross-platform crypto transfers between the exchanges will occur to move funds. He noted similar transactions happened previously during integration testing.

Furthermore, the CEO acknowledged that ex-Binance staff may join CommEx to aid the transition. “We think that is a good thing,” he wrote, citing the aim of ensuring a smooth user experience.

To that end, Zhao stated that CommEx’s design and Application Programming Interface (API) closely resemble Binance. He emphasized that CommEx will not service users residing in the US or Europe, and the exchange implemented the required IP and Know Your Customer (KYC) blocks per the sales agreement.

Additionally, Zhao definitively declared he holds no ownership stake in CommEx nor any options to repurchase the Russia business down the line, contrasting Binance’s clean break with the conditional exits of other global firms.

The tweet provides transparency around the mechanics and limitations of Binance’s Russian exit. As the migration moves ahead, Zhao reaffirmed that Binance has fully relinquished its Russian foothold.

Binance announced it will sell its Russia business to newly-launched exchange CommEX, becoming the latest company to exit Russia. The divestment process will occur over up to one year, with assets protected during user migration.

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