Binance exits Russia | Bitcointalksearch.org

bbc.reporter

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Quote from: Darker45 on October 01, 2023, 05:50:34 AM

Anyway, if I may add additional curious information.

CZ himself admitted that some CommEX team members are formerly team members of Binance itself.
The design of CommEX, APIs, and others are "similar to Binance."
CommEX users who are BNB holders will continue to be given 25% discount on trading fees.

This is causing me to question myself and the speculations. Is the cryptospace really run by clowns that it is making this easy for everyone to know what they are presently doing? They might be stupid or they think everyone is more stupid if they think no one will ask questions.

However, it should be expected that people will ask questions. Why are they making it appear that there is a chance that Binance owns Commex? Is this a tactic on reverse psychology or are they very lazy?

Darker45

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Quote from: bbc.reporter on September 30, 2023, 11:32:24 PM

Quote from: Darker45 on September 28, 2023, 12:44:47 AM

Quote from: bbc.reporter on September 27, 2023, 11:56:40 PM

@Darker45. It certainly confirm our overextended and exaggerated speculation if CZ also sells Binance.us to another centralized trading platform in America and declare that they are out of the US market hehehe.

It could also happen, but Binance.us has a different set of circumstances. It's also facing a lot of pressure, but it's probably more of regulatory pressure-- and probably discriminatory, too-- although it must have also been held hostage in one way or another because it is still Binance and Binance has a presence in Russia. So, this game of CZ leaving Russia is both a way to please the powers that be and to make money more conveniently.

Anyway, I don't think our speculation is "overextended and exaggerated." It's probably true that the reality is sometimes more unimaginable than conspiracy theories.

Quote

CZ was quoted in many articles on 2018-2019 that his longterm roadmap for his Binance was to become a decentralized organization without having an official headquarters or official offices.

The irony! Something couldn't be more centralized than having someone in control of its future.

It appears that our skepticism is also being asked by many people from the community hehehe. Another skeptical speculation, if Commex was created after the war in Ukraine, the people behind this might be connected to CZ.

Changpeng “CZ” Zhao on Thursday denied that he is the owner of CommEX, the mysterious company that has bought Binance’s business in Russia.

Source https://www.coindesk.com/policy/2023/09/28/cz-denies-he-owns-commex-binance-russias-new-owner/

Of course, that's expected, just like some of us here are thinking, considering especially that there are certain circumstances surrounding this decision that seem interesting to the curious mind. This denial of CZ having some power over CommEX is somehow similar to his friend Justin Sun's denial of his ownership of Huobi which has recently just rebranded to HTX, a decision which could be attributed to Justin himself.

Anyway, if I may add additional curious information.

CZ himself admitted that some CommEX team members are formerly team members of Binance itself.
The design of CommEX, APIs, and others are "similar to Binance."
CommEX users who are BNB holders will continue to be given 25% discount on trading fees.

bbc.reporter

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Quote from: Darker45 on September 28, 2023, 12:44:47 AM

Quote from: bbc.reporter on September 27, 2023, 11:56:40 PM

@Darker45. It certainly confirm our overextended and exaggerated speculation if CZ also sells Binance.us to another centralized trading platform in America and declare that they are out of the US market hehehe.

It could also happen, but Binance.us has a different set of circumstances. It's also facing a lot of pressure, but it's probably more of regulatory pressure-- and probably discriminatory, too-- although it must have also been held hostage in one way or another because it is still Binance and Binance has a presence in Russia. So, this game of CZ leaving Russia is both a way to please the powers that be and to make money more conveniently.

Anyway, I don't think our speculation is "overextended and exaggerated." It's probably true that the reality is sometimes more unimaginable than conspiracy theories.

Quote

CZ was quoted in many articles on 2018-2019 that his longterm roadmap for his Binance was to become a decentralized organization without having an official headquarters or official offices.

The irony! Something couldn't be more centralized than having someone in control of its future.

It appears that our skepticism is also being asked by many people from the community hehehe. Another skeptical speculation, if Commex was created after the war in Ukraine, the people behind this might be connected to CZ.

Changpeng “CZ” Zhao on Thursday denied that he is the owner of CommEX, the mysterious company that has bought Binance’s business in Russia.

Source https://www.coindesk.com/policy/2023/09/28/cz-denies-he-owns-commex-binance-russias-new-owner/

Also, it is not irony. All projects and companies in the cryptospace have some centralization in the centralized-decentralized spectrum. It can be argued that bitcoin's development has some centralization towards the lead maintainer because has the final decision in the merge process.

Lucius

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Whatever that company is doing, I am pretty sure that what they present publicly has its other side as well. Apparently, for more than a year and a half, they balanced between "we do not support Russia and its moves" and "everyone has the right to use our services", and now they have played a completely different game that will allow them, as some would say, "the wolf will be fed up, and the goat uneaten".

In addition, no one should think that the sanctions have anything to do with their move, because hundreds of well-known companies are still operating in Russia and no one can force them to leave that country. Perhaps it would be good if you read the article and you will see that more or less all of us continue to finance the same war that we are against in principle.

https://fortune.com/2023/07/11/the-feckless-400-these-companies-are-still-doing-business-in-russia-funding-putins-war-sonnenfeld-tian/

onecall123

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Binance, the world's biggest cryptocurrency exchange, has officially closed its operations in Russia by selling to a new crypto exchange named CommEX. However, the exact financial details of this deal have not been revealed. Is this move aims to decrease Binance's dominance in the market or any other reason?
Yet we don't have all the details regarding what drove them to take this significant step. This action could potentially lead to Binance dominating only the markets in Asia and Africa if caution is not taken.

stompix

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Quote from: noorman0 on September 27, 2023, 06:09:47 AM

If my assumption is correct, binance will not completely exit Russia, this separation process will allow "binance" to adapt local rules more effectively and easily use a new partner. It will be like in my locale where binance users are optionally migrated to tokocrypto, a binance cloud partner exchange, while the binance site (and alternatives) are completely blocked.

Neah, it's completely different and this is what happens to every company that tries to balance itself around the Russian issue.

They can't really cut it as they have tons of money locked there, and they can't sell as there is no buyer so there goes the 1$ sell to the right person, someone who we have never hard about, usually a random guy who is just the front for the Russian FSB who will run this for a while before it drives it into the ground like every single business takeover they have done so far.

So Binance takes a hit from losing all the fees and the customers but makes two sides both happy one applying the sanctions as it cuts users' access furthermore, the other side since it can now exercise total control and has just been gifted a complete database with all the sanctions Russians citizens have done over at Binance. The ones that are really getting the short straw are those who thought their government would never be able to find out how much money they've moved, now, things will get interesting let's say!

Quote from: hugeblack on September 27, 2023, 12:10:01 PM

The domain name is weird, especially with comm, it makes it look unprofessional.

TheUltraElite

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A number of people living in Russia but foreign to Russia (overseas students and all) were using Binance as a method to exchange money by bitcoin/USDT as middle currency to rubles. This was the side effect of banning VISA and Mastercard in Russia from USA once the war between Russia and Ukraine started. My assumption, is that this move from Binance was forced because of this reason as governments gradually understood how people were circumventing the ban on sending money to Russian individuals.

Sadly those students were also affected and they moved on to better methods.

Just my 2sats, no idea if that is the only reason of many.

noorman0

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Quote from: Rikafip on September 27, 2023, 06:13:22 AM

-snip-
It's live as its already an existing exchange.

Yes, I just check it. I thought google unindexed it a long time ago, I didn't find it on a quick search last night.

Quote from: NonKyc.io on September 27, 2023, 07:10:08 AM

They claim to be brand new, but the futures business has been active since 2021/09/07 https://www.commex.com/en/futures/ETHUSDT

Speaking of archives, it's even longer. Maybe they claim to operate as a new ownership status (really I'm more confident that binance has acquired this small exchange but kept the old guys).

Darker45

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Quote from: bbc.reporter on September 27, 2023, 11:56:40 PM

@Darker45. It certainly confirm our overextended and exaggerated speculation if CZ also sells Binance.us to another centralized trading platform in America and declare that they are out of the US market hehehe.

It could also happen, but Binance.us has a different set of circumstances. It's also facing a lot of pressure, but it's probably more of regulatory pressure-- and probably discriminatory, too-- although it must have also been held hostage in one way or another because it is still Binance and Binance has a presence in Russia. So, this game of CZ leaving Russia is both a way to please the powers that be and to make money more conveniently.

Anyway, I don't think our speculation is "overextended and exaggerated." It's probably true that the reality is sometimes more unimaginable than conspiracy theories.

Quote

CZ was quoted in many articles on 2018-2019 that his longterm roadmap for his Binance was to become a decentralized organization without having an official headquarters or official offices.

The irony! Something couldn't be more centralized than having someone in control of its future.

pooya87

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Quote from: NotATether on September 27, 2023, 11:08:25 AM

Binance does not really care about sanctions, you can see that when a particular company blocks Binance from operating, they find a way around it, and also they are guilty of allowing themselves to be used for money laundering for the purpose of violating international sanctions.So with all of those companies having already left Russia earlier, I wasn't surprised that Binance was still there.

That's the point though. Those other companies also didn't leave Russia. Not willingly anyway, they were forced to leave. After all Russia a huge market for them to make large amounts of money from. The point is that if you look at a lot of these companies, they never really left Russia. They did something similar to what Binance did, they remain in the Russian market through different means like proxies or different companies.

For example the Auto Industry in Europe like in Germany stopped exporting cars directly to Russia, but they never stopped exporting to Russia! What they did was to find a third country (for example Armenia and if I'm not mistaken Georgia) to act as a proxy and exported their cars to that country which would then send them directly to Russia.

This is why my theory is that Binance (which does care about sanctions) created this "separate" business so that when US sanctions it, they are forced to only sanction Commex not Binance ergo it wouldn't affect the main business.

bbc.reporter

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@Darker45. It certainly confirm our overextended and exaggerated speculation if CZ also sells Binance.us to another centralized trading platform in America and declare that they are out of the US market hehehe.

CZ was quoted in many articles on 2018-2019 that his longterm roadmap for his Binance was to become a decentralized organization without having an official headquarters or official offices.

Darker45

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Quote from: bbc.reporter on September 27, 2023, 10:12:42 PM

I am skeptical. I would not be shocked of there was a secret agreement between CZ and the new owner. This might be a new strategy for Binance to decentralize their operation and make it more difficult for regulators to crack them down or am I making an overextended assumption?

The same is my speculation. If Binance was able to abide with western sanctions on Russia while continuously holding on to the Russian market when the invasion was at its peak, there's really no reason why it would let it go now. Binance earns a lot from the Russian market. If CZ risked operating in many countries illegally for the sake of money, why should he leave Russia when Moscow didn't even order him to?

Yes, there's pressure, but I think the more valid reason why Binance is to exit Russia is that its operation is already significantly crippled by the sanctions as far as serving the Russian market is concerned. It would be much better to find an alternative by which it could fully operate and make the most of Russian customers. CommEx is the way to go.

Binance has already been setting this event up. It has already floated the idea for months. I guess those were all preparatory PR moves so that once the exit finally happens, they won't look suspicious. However, the announcement having to emphasize that it is a full exit and that it doesn't have revenue split and that it doesn't even have the option to buy back shares sounds suspiciously defensive to me.

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Quote from: Rikafip on September 27, 2023, 04:38:39 AM

As the title says, Binance decided to withdraw from yet another market and this time is one of the bigger ones, Russian by selling it to CommEx exchange(which I don't think I ever heard before). This is not a big surrpise really as they announced possibility of that happening recently.

Quote from: https://www.binance.com/en/blog/all/binance-fully-exits-russia-with-sale-to-commex-8578760889994024403

Binance has entered into an agreement to sell the entirety of its Russia business to CommEX. To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year. All assets of existing Russian users are safe and securely protected.

There will be an orderly process for the migration of users. Binance and CommEX will partner to inform users how to migrate their assets to CommEX. A portion of Russian KYC’d new user registration will immediately be redirected to CommEX and will scale up over time. Over the next several months, Binance will sunset all exchange services and business lines in Russia. Every effort will be made to maintain a smooth user experience during this transition.

I am skeptical. I would not be shocked of there was a secret agreement between CZ and the new owner. This might be a new strategy for Binance to decentralize their operation and make it more difficult for regulators to crack them down or am I making an overextended assumption?

In any case, they have reopened their services in Belgium. They might have been given a license and an approval or did they find another ambiguity in Belgium's rules and regulations hehehe.

NonKyc.io

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https://x.com/cz_binance/status/1706948603233611858?s=20

Everything will be done to ensure a smooth transition. All user funds are safe!

Also:

Among other things, #BNB holders will continue to enjoy a 25% trading fee discount on
@CommEX_com
.

lol, Cool

hugeblack

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Quote from: pooya87 on September 27, 2023, 10:12:04 AM

This sounds more like Binance with another name, Commex!

Not leaving, but they may want to reduce the spotlight, especially with suspicions of money laundering, so instead of eyes being focused on Binance, there is a new platform completely separate from them, and they have confirmed this several times.

The domain name is weird, especially with comm, it makes it look unprofessional.

NotATether

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Quote from: pooya87 on September 27, 2023, 10:12:04 AM

This sounds more like Binance with another name, Commex!
If they wanted to "exit" Russia, they wouldn't just smoothly transfer all their user data to another "domain name" like this. With all the sanctions on Russia, they may want to maybe put a little distance between their main business and Russian users but at the same time not lose all that revenue.

Binance does not really care about sanctions, you can see that when a particular company blocks Binance from operating, they find a way around it, and also they are guilty of allowing themselves to be used for money laundering for the purpose of violating international sanctions.So with all of those companies having already left Russia earlier, I wasn't surprised that Binance was still there.

Quote from: pooya87 on September 27, 2023, 10:12:04 AM

Didn't they do a similar thing for United States? Of course the domain and the company name was similar in that case (Binance-US) under a California registered sister company called Bam Management US Holdings Inc. Whereas the original company is somewhere in Japan or Malta or Shanghai or ... lol

Binance's headquarters is unknown because (if the media is to be believed) CZ runs everything remotely from his hotel room.

pooya87

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This sounds more like Binance with another name, Commex!
If they wanted to "exit" Russia, they wouldn't just smoothly transfer all their user data to another "domain name" like this. With all the sanctions on Russia, they may want to maybe put a little distance between their main business and Russian users but at the same time not lose all that revenue.

Didn't they do a similar thing for United States? Of course the domain and the company name was similar in that case (Binance-US) under a California registered sister company called Bam Management US Holdings Inc. Whereas the original company is somewhere in Japan or Malta or Shanghai or ... lol

NonKyc.io

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They claim to be brand new, but the futures business has been active since 2021/09/07 https://www.commex.com/en/futures/ETHUSDT

Cheesy

Rikafip

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Quote from: noorman0 on September 27, 2023, 06:09:47 AM

If my assumption is correct, binance will not completely exit Russia, this separation process will allow "binance" to adapt local rules more effectively and easily use a new partner. It will be like in my locale where binance users are optionally migrated to tokocrypto, a binance cloud partner exchange, while the binance site (and alternatives) are completely blocked.

Based on that announcement, I don't think that will be the case, as its explicitely said that "While financial details of the deal will not be disclosed, it is important to note that with this sale, Binance fully exits Russia. Unlike similar deals from international companies in Russia, Binance will have no ongoing revenue split from the sale, nor does it maintain any option to buy back shares in the business."

Quote from: Rikafip on September 27, 2023, 04:38:39 AM

Apparently, this site exchange has not been launched yet.

It's live as its already an existing exchange.

Code:

https://www.commex.com/en

noorman0

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If my assumption is correct, binance will not completely exit Russia, this separation process will allow "binance" to adapt local rules more effectively and easily use a new partner. It will be like in my locale where binance users are optionally migrated to tokocrypto, a binance cloud partner exchange, while the binance site (and alternatives) are completely blocked.

Quote from: Rikafip on September 27, 2023, 04:38:39 AM

-snip-
(which I don't think I ever heard before)

Apparently, this site exchange has not been launched yet.

Topic: Binance exits Russia (Read 212 times)