menuIcon
$ 82,604.6
BTC
$ 82,604.6
-0.15 %
$ 1,817.97
ETH
$ 1,817.97
-0.50 %
$ 0.6702
ADA
$ 0.6702
-0.43 %
$ 605.19
BNB
$ 605.19
-0.10 %
$ 125.98
SOL
$ 125.98
0.62 %
Usha Yadav
Sep 2, 2022
by Usha Yadav

Changpeng Zhao Reiterates Binance is Not a Chinese Company

Binance CEO Changpeng Zhao
As China continues to forbid the trading of cryptocurrencies, Binance founder and CEO Changpeng Zhao emphasized that Binance is not a Chinese business and that it "was never established in China.". According to Zhao's blog post, the world's largest cryptocurrency exchange by trading volume has employees with similar backgrounds to other significant exchanges, including FTX and Crypto.com. He added,  "but some people insist on calling us a ''Chinese company,'' and in doing so, they don't mean well."

China's Relationship With Binance CEO Changpeng Zhao

CZ opened the statement he released on Thursday by outlining his relationship with China. When he was 12 years old, just two months after the events of June 4th, 1989, he and his family escaped the country and moved to Canada. After returning to China in 2005, CZ established Bijie Tech, an exchange-as-a-service company, in 2015. Nevertheless, the company had to shut operations as the Chinese government banned all similar exchanges in March 2017.

On September 4, 2019, a month after CZ and his colleagues launched Binance, it subsequently unilaterally placed a similar ban on cryptocurrency exchanges operating in China. Due to this, Binance was compelled to implement a remote working strategy, which resulted in the company hiring personnel from all over the world.

The Guanying Chen Disputation

The Binance CEO Changpeng Zhao said that Guanying Chen, a Chinese national, was one of the people that worked for him at his first business, Bijie Tech. CZ identified her as the company's legal agent at the time since China had tight laws governing foreigners like himself, a Canadian citizen, who were foreigners. Zhao wrote,

"The greatest challenge Binance faces today is that we (and every other offshore exchange) have been designated a criminal entity in China."

Recent news reports have implied that Binance is closely linked to China because of its beginnings, including one that Fortune magazine published on Monday.  Binance has subsidiaries in Bahrain, France, Spain, Italy, and the United Arab Emirates. Zhao continued, "But we 'don't have any legal entities in China, and we don't have any ambitions. The location of Binance's worldwide holding company is still unknown.

Follow us on: News
Binance cz Changpeng Zhao Binance CEO Changpeng Zhao Binance China
Changpeng Zhao Reiterates Binance is Not a Chinese Company
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

Top Picks