CZ: I am not the ultimate beneficiary of CommEx nor do I hold any shares. Many of the similar designs of CommEx are only for the convenience of Russian users.

Odaily Planet Daily reported that CZ issued an article on the is normal. Some former Binance CIS team members may join their team, or have already done so. We think this is a good thing. CommEx’s design, API, etc. are similar to Binance. The reason why we require this design, is to ensure a smooth user experience. CommEx does not serve US or EU users. CommEx has implemented IP and KYC blocking. This is a term we require in transactions. I am not their actual beneficial owner (UBO) , nor does it own any shares. There is no buyback option in this transaction. (A Google search seems to show that some companies such as Mercedes, McDonald's, and Nissan have buyback options in Russian business sale transactions. But this is not the case with Binance in this way.)" According to previous news, Binance has reached an agreement with CommEX to sell all its operations in Russia. To ensure a smooth transition for existing Russian users, the termination process will last one year. All assets of existing Russian users are safe and reliably protected. The user migration process will occur sequentially. Binance and CommEX will collaborate to inform users on how to migrate assets to CommEX. The new user registration part for Russian KYC certification will be redirected to CommEX immediately and will be gradually expanded. Over the next few months, Binance will gradually cease all trading services and business lines in Russia. Every effort will be made to maintain a smooth user experience during the transition period. While the financial details of the transaction will not be made public, it is important to note that with this sale, Binance exits the Russian market entirely. Unlike similar deals in Russia by other international companies, Binance will not receive an ongoing revenue share from the sale, nor will it have any option to buy back shares in the business.