Changpeng Zhao, the CEO of Binance, often known as CZ, has retaliated against detractors who say the site is “Chinese.” The company’s CEO notes in a blog post that while the overall staff is more widely distributed, the management team is currently controlled mostly by Europeans and Americans.
The implication is that we are secretly working for the Chinese government because we hire people of Chinese ancestry and perhaps because I am Chinese myself, CZ continued. According to CZ, the corporation neither now maintains legal companies in China nor has any plans to do so.
The CEO claimed that “we are an easy target for special interests, media, and even lawmakers who despise our sector.”
Regulators throughout the world have a history of criticizing Binance for being the biggest exchange by volume. Federal prosecutors with the US Justice Department recently requested evidence from the exchange on money laundering checks and conversations between important figures within the company, including Zhao.
Addressing some of the rumors surrounding Binance, CZ also made a suggestion about a “old campaign” to damage the reputation of the company that was reportedly started by rivals using an anonymous webpage.
When reflecting on his early years, CZ noted, “It was not lost on me how ironic it was that I was once again forced to leave China, around 30 years after my parents fled with my sister and me.”
“Simply having Chinese ancestry or having immigrated from China should not be a scarlet letter one needs to wear for the rest of their life,” the “Chinese-Canadian CEO,” said. Furthermore, it shouldn’t permit slander, fabrication, or calls into doubt someone’s allegiance to their nation.
Zhao didn’t come back to China from Canada until 2005 when the nation’s “web tech industry started to flourish.” He also disclosed that many other firms were first incorporated in China, with the “best Web3-curious engineers and investors coming to Shanghai and Hong Kong,” since the Chinese government “helped build the fledgling sector” behind the scams.
Even FTX and Crypto.com, he claimed, were founded in Hong Kong at this time.
Binance was not, however, ever incorporated in China. In terms of culture, we don’t operate like a Chinese business either. We have branches in numerous nations, including France, Spain, Italy, the United Arab Emirates, and Bahrain (to name a few). However, we don’t currently have any legal entities in China, and we don’t have any plans to, according to CZ.
He also addressed rumors that Binance is owned by Guangying Chen. Because Guangying’s name appears on early Bijie Tech documents, he claimed, “Binance’s critics have jumped at the chance to disseminate a conspiracy idea that Guangying was secretly the owner of Bijie Tech and perhaps even Binance.”
However, CZ made it obvious to the “opposition in the West” that neither it nor Chen could be called a “Chinese corporation” or some sort of clandestine representative of the Chinese government.