Tech

Binance CEO visits the ‘Chinese Company’ Label and his connections to the country


Binance CEO Changpeng Zhao aka CZ has hit back at critics who say the platform is “Chinese”. In a blog post, the company director pointed out that the executive team is currently dominated by Europeans and Americans, while the broader workforce is dispersed globally. CZ added, “The inference is that because we have employees who are of Chinese descent, and perhaps because I am of Chinese descent, we are secretly in the pockets of the Chinese government.” CZ wrote that the company has no legal entity in China nor does it intend to in the future.

“We are an easy target for special interests, the media and even policymakers who hate our industry” Alleged CEO.

Binance has a history of being considered by regulators globally as the largest exchange by volume. Recently, the exchange was asked to provide information regarding checks and money laundering conversations between key individuals in the company, including Zhao, by federal prosecutors working for the US Department of Justice.

Solve some theory around BinanceCZ also alluded to an “old campaign” to tarnish the brand allegedly launched by competitors through an anonymous website.

Looking back on her childhood, CZ said, “The irony is that I was once again forced to leave China – about 30 years after my parents ran away with my sister – without being lost to me.”

“Chinese-Canadian CEO” notes, “Simply being of Chinese descent or immigrating from China is not a scarlet letter one must wear for life. one’s loyalty to their country.”

Zhao only returned to China from Canada in 2005, when “the web technology industry started to boom” in the country. He also revealed that since the Chinese government “helps promote the nascent industry” behind the plans, many other companies have been first registered in China with “engineers and investors”. The most curious about Web3 flocked to Shanghai and Hong Kong.”

He argues that even FTX and Crypto.com was established in Hong Kong during this period.

However, “Binance was never established in China. We also do not operate like a Chinese company culturally. We have subsidiaries in many countries, including France, Western Spain, Italy, UAE and Bahrain (to name a few) But we don’t have any legal entities in China and we have no plans to do so,” explained CZ.

He also tackles the surrounding conspiracy theories Guangying Chen owns Binance. He said, “Because her name was listed on the original Bijie Tech documents, the Binance detractors took the opportunity to spread the conspiracy theory that Guangying was secretly the owner of Bijie Tech and maybe even Binance.”

That said, CZ has made it clear to the “opposition in the West” that it cannot be described as a “Chinese company”, nor can Chen be tagged as the owner of Binance or some other secret agent of the Chinese government.




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