The head of Binance, Changpeng Zhao, known in X (formerly Twitter, blocked in Russia) as CZ, revealed new details of Binance’s departure from Russia and the specifics of the transfer of Russian clients of the exchange to the new CommEx platform.
Cryptocurrency transfers will occur between Binance and CommEx wallets as users and their funds migrate.
Several former Binance employees may join the CommEx team.
“CommEx’s design and architecture are similar to Binance. This was done intentionally, “to ensure a smooth user experience.” Zhao noted.
Zhao separately clarified that CommEx does not operate in the US and EU and provides for IP address and account credentials (KYC) blocks.
“I am not the final beneficiary and do not own CommEx shares.” — Zhao clarified.
CommEx representatives confirmed that all their products and services will fully operate in Russia, including Crimea.
Recall that on September 27, Binance announced its departure service from Russia. Representatives of the exchange reported that its Russian business will be sold to the CommEX platform.
The closure of the exchange in Russia will affect the accounts of Russian citizens physically located in Russia and legal entities registered in Russia.
However, Russian citizens legally residing outside of Russia can continue to use Binance subject to compliance with sanctions rules, but they will have to undergo advanced verification and confirm their address.
If they attempt to log into Binance from a Russian IP address, users will be redirected to the site of the new CommEx platform.
How to link your Binance account to CommEX
If you still have funds in your Binance account, it is better to transfer them to the CommEX exchange without commission. Below are instructions on how to do this.
- The first step is to register with Commex. You can do this using this link and get a -20% discount on the trading commission.
- Next, link your account on the Binance exchange and your account on CommEX. See the instructions below for how to do this.
How to transfer cryptocurrency from Binance to CommEX
Once you have linked your accounts, you can begin transferring assets from the Binance crypto exchange to CommEX. Watch how to do this in the video.
