CommEX acknowledges former Binance employees among its staff

In the team of the newly formed cryptocurrency exchange CommEX are former Binance employees who helped develop the platform. The company said this in an open letter.

CommEX did not name its beneficiaries, noting that they “prefer to remain private individuals”:

“We do not disclose information about the owner, but we want to emphasise again that Binance does not own our company.”

The technical team includes specialists with experience at Amazon, Google and Oracle.

According to the statement, CommEX’s competencies were decisive in selecting it as the buyer of Binance’s Russian business.

The global structure of the new exchange includes a number of regional directors responsible for developing their regions and managing local teams.

At present, CommEX provides users with basic services, with a plan to gradually expand its offerings. The team acknowledged that it had already identified a number of issues on the platform.

“Many of them have already been resolved, and the remaining ones are being rapidly addressed.”

To guard user funds, the exchange employs multi-layer security measures including two-factor authentication, real-time risk monitoring, rigorous code audits, and encryption.

“Most of our assets are stored in cold wallets for enhanced protection, supported by multisignature mechanisms in our TSS wallet,” they added.

Earlier, stated that several former regional Binance team members could join CommEX or had already done so, Zhao said.

Earlier, Binance announced its intention to exit the Russian market and to sell its local business to CommEX. The full process of migrating users to the new platform will take up to a year.

In the community, some suggested that CommEX could turn out to be a tech company, and that Binance had simply “changed its signage under regulatory pressure.”