Binance: a Chinese company?  CZ speaks out on the controversy

The largest crypto exchange in the world, Binance enjoys a status that exposes it to many attacks aimed at tarnishing its reputation. The most widespread relates to the supposed links that certain leaders of the exchange have with China, given that they are nationals of this country. CEO of BInance, Changpeng Zhao wanted to put an end to his rumors through a blog post published by the exchange on Thursday.

The conspiracy theory around Guangying Chen

Born in China, Changpeng Zhao had to leave his country in 1989 following the sad repression of Tiananmen to immigrate to Canada at the age of 12. It was with Canadian nationality that he returned to China in 2005 to start a career as a serial entrepreneur. His major achievements will be the launch of Bijie Tech in 2015 and that of Binance in 2017. To circumvent local restrictions on foreignershe will propose to a Chinese employee, Guangying Chen, to appear among the legal representatives of Bijie Tech.

The presence of the latter among the first members of Binance will then fuel an incredible conspiracy theory. Indeed, several media will suggest on this basis that Guangying Chen would be the owner of the two companies, and that she would secretly serve the interests of the Chinese government. This insinuation will have been enough to make the life of the interested party an ordeal, forcing her to leave China.

If I had known how badly this would impact his life, I would never have asked him to do what seemed like such a harmless step at the time. Like many early Binance employees, Guangying had to leave her family, home and friends when most of us left China in 2017. It was a huge sacrifice and she is one of the few people who really understand the impact this has had on all of us “, Thus regretted Changpeng Zhao.

Binance was never incorporated as a company in China »

At the end of 2017, the majority of Binance executives, including Changpeng Zhao, had to leave China following the government’s decision to ban crypto exchanges. Therefore, the company has continued its activities with executives working remotely from various countries around the world. Despite this, its detractors continue to claim that it is a Chinese company. Last week, a former Washington Post journalist revived the debate on Twitter around the true role of Guangying Chen within Binance.

This latest release has ended up exceeding the CEO of the exchange who now wants to put an end to the conspiracy theory. “Anyone with even a rudimentary knowledge of company law or how businesses operate will understand this: Binance was never incorporated as a company in China. We do not have any legal entity in China and we do not intend to. I believe it is essential today that we present these facts,” he said.

In the end, Binance’s only crime was to have a CEO and employees of Chinese origin, as Changpeng Zhao explains so well. However, the latter assures that this does not make the exchange a Chinese company and that it has no secret link with Beijing.

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