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Does Binance de facto own CommEX?

Does Binance de facto own CommEX?.

Recently, there has been active discussion regarding Binance’s decision to cease its operations in Russia and transfer its Russian business to CommEX.

CommEX acknowledged having former Binance employees on their team, who assisted in developing the exchange. However, the company did not disclose its beneficiaries, citing their wish to “remain private individuals”: https://commex.zendesk.com/hc/en-us/articles/8011097433999-A-Letter-to-the-CommEX-community-

The question of whether CommEX belongs to Binance remains open. However, we would like to draw your attention to another point. Ivan Nevzorov, the head of the fintech department at SBSB Fintech Lawyers, provides the following comment:

“Does Binance de facto own CommEX? It’s hard to say. But I would like to focus on another aspect, specifically – the legal one.

Due to sanctions from most countries against Russia, licensing in the EU or the USA excludes working with Russian users. Commex decided to register in the Seychelles, where the registry is closed, registration is fast, and there are no licenses.

We observe an interesting trend where licensed companies with strict regulations, whether from the EU, Singapore, or the USA, are leaving the Russian market. Instead, closed, unregulated offshores are taking their place.”