The largest crypto exchange Binance decided to leave Russia, giving its business to the startup CommEX, registered in the same Seychelles and having the same technical support as the Kazakh commodity exchange.

There is little officially confirmed information about CommEX and its team. The CommEX support service reports that the successor to the largest crypto exchange on the Russian market is registered in the same offshore as Binance, and is focused on clients from Russia, Asia and the CIS countries. At the same time, similar to Binance, the startup promises that Hong Kong legislation will be applied to resolve legal disputes.

However, as Biys.media was able to verify, contacting CommEX technical support leads to an Almaty company “
Alan Trading Exchange”

This information confirms, for example, the founder of the BitOK service Dmitry Machikhin. The businessman suggests that the buyers (creators?) of CommEX were citizens of Kazakhstan, “coming from the Eurasian Commodity Exchange.”

“Binance representatives who left the company were actively recruiting personnel for a certain “Russian subsidiary” of Binance in Kazakhstan. The previous scenario was probably different. But now, like this, nominally or actually, the user base that will remain in the “new Russian-Kazakh” Binance for a year will be owned by a Kazakh structure, nominally without the right of repurchase,” writes Dmitry Machikhin in his telegram channel.

Data from the official CommEX telegram channel says that it launched only this week. On the morning of Wednesday, September 27, the channel had only 289 registered users. However, after the publication of the Binance notice, their number began to grow rapidly.

CommEX promises to work with users from Crimea (that is, it is not afraid of sanctions) and make replenishment in rubles available. A mobile application for iOS and Android platforms is expected to appear in the near future.

The new exchange has posted a guide on its website explaining how Binance users can connect their accounts to the newly launched platform.

According to the first users of the CommEX platform, the service allows clients to log into the platform using the credentials of the Binance exchange. Since the integration of the Binance client base into the CommEX platform is planned to be carried out gradually over the course of a year, if the new exchange does not have client data, he will need to go through the verification procedure again.

Early users of CommEX have already noticed that the platform rejects login requests coming from outside Russia or using VPN services. It is not yet clear whether this meets the requirements of the exchange’s security rules or is simply a technical failure due to the explosive growth of requests to a site unprepared for the influx of visitors. Also, the exchange does not provide services to citizens of the USA, EU (with the exception of Finland), Singapore, Iran, Cuba, Syria and North Korea.

According to the official announcement from Binance, the crypto platform has entered into a deal to sell part of its business to the CommEX exchange for an undisclosed amount.