Binance CEO Clarifies Details on CommEx Integration

Key Takeaways

* CZ, Binance’s CEO, provides clarifications on Binance’s association with CommEX.

* Cryptocurrency transfers between the platforms are in progress.

* Binance’s broader compliance strategy leads to its Russian operations’ sale to CommEX.

CZ’s Clarifications on Binance and CommEx Association

In a recent tweet, Changpeng Zhao (CZ), CEO of Binance, provided insights into the nature of the relationship between Binance and CommEX. He highlighted several key points:

Cryptocurrency transfers are underway between Binance and CommEX as users shift platforms. Older transactions were noted during the testing phase of the integrations.

Some ex-Binance CIS team members may have already joined CommEX, and others might follow. CZ regards this as a positive move.

CommEx’s design, APIs, and other interfaces align closely with Binance’s, a request made by Binance to ensure a seamless user transition.

CommEX will not cater to users from the US or the EU due to IP and KYC restrictions, a condition Binance stipulated.

Refuting speculations, CZ stated he does not hold an Ultimate Beneficial Owner (UBO) position in CommEX nor owns any shares. The deal excludes any buyback options.

Binance’s Decision Amid Regulatory Challenges

Binance, the world’s leading cryptocurrency exchange, has announced the sale of its entire Russia-based operations to CommEX. This significant strategic decision aligns with Binance’s emphasis on compliance and regulatory adherence across the numerous countries it operates within.

While Russia is ramping up regulations on crypto exchanges, Binance has also been under U.S. scrutiny for potential sanctions violations concerning Russia. On May 6, 2023, the U.S. Department of Justice initiated an inquiry into Binance, focusing on potential U.S. sanctions violations. This move was not isolated, with previous probes in 2021 and early 2022.

Earlier, in April 25, 2023, Binance discreetly lifted certain restrictions on Russian users that were initially imposed in March 2022, following EU’s sanctions on Russia. By April 2023, changes were made to allow deposits in Russian rubles and other currencies.

The EU’s extension of its sanctions impacted Russian users’ access to EU-registered crypto services. This shift led platforms like LocalBitcoins,, and to cut ties with Russian clients.

To ensure a smooth transition, Binance and CommEX devised a systematic migration process for users and assets, assuring Binance’s existing Russian users of the security of their assets. The transition is expected to span a year, with some new registrations being redirected to CommEX.

While financial details remain undisclosed, Binance confirmed there would be no continued revenue from the sale and marked a complete exit from the Russian market.

Binance, though departing from Russia, remains bullish about the Web3 sector’s global potential and plans to focus on the 100+ other countries in its operation portfolio.

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X Marketplace Launches Integrated NFT IP Marketplace

A decentralised community-owned NFT marketplace has launched an integrated intellectual property (IP) marketplace.


X Marketplace will allow users to list NFT IP and license projects to IP for zero fees.

“The problem today is that IP rights are a large part of the NFT value proposition but with limited opportunity to monetise it. We are making the IP discovery process easier by integrating an IP marketplace within our existing platform,” said Bradley Zastrow, X Marketplace’s Co-founder. 

The company announced that creating an IP listing is entirely free and the only ownership verification requirement for the underlying NFT is the user’s signature. Users select the NFT they wish to list for IP licensing and include any additional commercial specifics.  

The launch has made it the first to provide collectors holistic access to a broader part of the NFT economy.

Users can also manage their NFTs through the existing customer portfolio management and valuation solutions. The company announced they could also monetise their NFT Ip and trade their NFTs within a single marketplace.

“The NFT economy will be more than just buying & selling NFTs; it will include multiple ways for NFT owners to monetise their assets. The launch of our IP marketplace is only on stage one; we are just beginning,” said Zastrow. 

According to the company, the initial launch will consist of support for applicable Yuga Labs, Azuki, CloneX, IlluminatiNFT, Finiliar, Stickmen Toys and Swampverse collections.

The company plans to add more collections regularly and by community request shortly.

NFTs in terms of IP have been moving ahead at a smart pace.

According to a recent report from Blockchain.News, owners of CryptoPunk and Meebits NFTs can now create commercial projects and products based on their NFTs.

The announcement comes following Yuga Labs’ release of its long-awaited IP licensing deal for CryptoPunk and Meetbits NFT holders on August 15.

The new IP licensing agreement has put these NFT holders on the same level as the IP rights enjoyed by the Bored Ape Yacht Club’s holders, as the deal will give them full commercialisation rights to create projects and products based on their NFTs.

Some Bored Ape Yacht Club’s holders have already used the IP in projects.

For instance, American actor, producer, writer and director Seth Green is launching a show based on his recently-returned Ape. He reclaimed his stolen bored ape avatar NFT by spending over $300,000.

While restauranteur Andy Nguyen also opened Bored Ape-themed restaurant Bored & Hungry in Los Angeles in June 2022.

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BlockCrushr drops lawsuit accusing ConsenSys of stealing its IP

Canadian blockchain startup BlockCrushr has agreed to drop an intellectual property (IP) lawsuit against early backer, Ethereum-focused software engineering firm, ConsenSys.

The two firms filed a joint agreement to dismiss the case on July 27, with the deal’s terms prohibiting BlockCrushr from attempting to pursue the matter in future.

ConsenSys has characterized the agreement as a victory for its position, stating: “BlockCrushr has dismissed the lawsuit with prejudice after review of the evidence provided in discovery established that BlockCrushr’s claims were entirely without merit.”

ConsenSys’ lead counsel, Tibor Nagy, added:

“This is an important and complete victory for ConsenSys and illustrates the value of aggressively combating meritless claims.”

Filed in July 2020, the complaint claimed ConsenSys launched its “Daisy Payments” recurring payments platform the day before BlockCrushr had planned to bring its own product to market in June 2019.

BlockCrushr had received a $100,000 investment from ConsenSys and was admitted into its Tachyon accelerator program. The startup alleged that ConsenSys used trade secrets gleaned through the program to front-run its own product to market before BlockCrushr.

BlockCrushr claimed that “every aspect of its marketing, financial, technical and regulatory strategy” was shared with ConsenSys during the Tachyon program, including “the source code and proprietary technical solution to its recurring payments platform.”

While IP enforcement has been seen as antithetical to crypto’s core ethos of decentralized open-source development, intellectual property matters have emerged as an increasingly hot issue.

In June, major decentralized finance protocol Curve saw a proposal posted to its governance forums advocating that it should move to protect its software license and redistribute profits from IP enforcement to tokenholders.

In addition to protecting its position in the market, the post’s author asserted IP enforcement will benefit Curve by reducing competition for bug bounty payments and employee recruitment pertinent to its code.

In launching its highly anticipated v3 iteration, leading decentralized exchange Uniswap introduced a “business source license” into its code to protect against the unauthorized commercial use of its code “for up to two years.” The move was intended to prevent clones from appearing, after SushiSwap and other rival DEXes forked its v2 code and launching vampire attacks designed to siphon away Uniswap’s liquidity during the DeFi summer of 2020.

Attempts by the notorious self-proclaimed Satoshi Nakamoto, Craig Wright, to prevent websites from hosting the Bitcoin Whitepaper have attracted widespread pushback from the crypto community. Wright has also embarked on a campaign to secure as many patents as he can.

In April, the Square-led Cryptocurrency Open Patent Alliance (COPA) launched a lawsuit requesting the U.K High Court to declare that Craig Wright does not have copyright ownership over the Bitcoin Whitepaper.