The team at the newly created cryptocurrency exchange CommEX includes former Binance employees who helped develop the platform. The company announced this in an open letter.
CommEX did not name its beneficiaries, citing the fact that they “prefer to remain non-public figures”:
“We do not disclose ownership information, but we want to reiterate that Binance does not own our company.”
The technical team of the new exchange includes specialists with experience in Amazon, Google and Oracle.
According to the statement, it was CommEX’s competencies that became the decisive factor in choosing it as a buyer of the Russian part of Binance’s business.
The global structure of the new exchange includes a number of regional directors responsible for the development of their regions and management of local teams.
For now, CommEX provides users with basic services, the list of which will gradually expand. At the same time, the team admitted that it had already identified a number of problems on the platform:
“Many of them have already been resolved, and the remaining ones are in the process of being quickly resolved.”
The exchange says it employs multi-layered security measures to protect user funds, including two-factor authentication, real-time risk controls, strict code audits and encryption.
“The majority of our assets are stored in cold wallets for enhanced protection, supported by multisignature mechanisms in our TSS wallet,” they added.
Earlier, Changpeng Zhao said that “several former regional Binance team members may join CommEX or have already done so.”
Let us recall that on September 27, Binance announced its intention to leave the Russian market and sell its local business to CommEX. The complete process of transferring users to the new platform will take up to one year.
The community suggested that CommEX may turn out to be a technical company, and Binance simply “changed its name under pressure from the regulator.”
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