Binance raises red flags by selling Russian arm to brand-new CommEX
Troubled crypto exchange Binance has sold its business in Russia to a brand-new crypto exchange named CommEX — but crypto sleuths were quick to point out that the exchange may still be run by Binance. This isn’t the first time Binance was forced out of a country by regulators, only to hand business off to a firm that appears to be in its pocket. Dutch users were told they could no longer use Binance in August, only to be heavily incentivized to use little-known, brand- new exchange Coinmerce instead. As Protos reported, Coinmerce has historically acted as a broker for Binance. Similarly, Binance has exited Russia following a report by Bloomberg that the exchange was under investigation by the US Department of Justice for violating sanctions. At the end of August, the Wall Street Journal (WSJ) also claimed the Crypto exchange was violating US sanctions for enabling “substantial” ruble trade volumes through sanctioned Russian banks. Hot on the heels of the...