Binance CEO Changpeng Zhao aka CZ has hit back at critics who claim that the platform is “Chinese”. In a blog post, the company chief specifies that the executive team is now primarily dominated by Europeans and Americans, while the broader workforce is more dispersed globally. “The presumption is that because we have ethnically Chinese employees, and perhaps because I am ethnically Chinese, we are secretly in the pockets of the Chinese government,” CZ said. CZ wrote that the company has no legal entity in China and does not intend to in the future.
“We are an easy target for special interests, the media, and even policymakers who hate our industry,” the CEO alleged,
Binance has a history of being pulled down by regulators globally as the largest exchange by volume. Recently, the exchange was asked to furnish information related to Money Laundering Checks and Negotiations Among key individuals within the company, including Zhao, were held by federal prosecutors working for the US Department of Justice.
Addressing some of the theories surrounding Binance, CZ also alluded to an “old campaign” to stigmatize the brand, which was allegedly launched by competitors via an undisclosed microsite.
Looking back on his childhood, CZ said, “Ironically, I was forced to leave China once again – almost 30 years after my parents eloped with my sister and I – not lost on me. was.”
The “Chinese-Canadian CEO” noted, “Just being of Chinese descent or emigrating from China should not be a red lettering that one has to wear for the rest of one’s life. Nor does it offend people. Must be given free rein to impose, make false claims, or question one’s loyalty to one’s country.”
Zhao only returned to China from Canada in 2005, when the “web tech industry began to explode” in the country. He also revealed that since the Chinese government “helped to strengthen the fledgling industry” behind the plans, several other companies were first registered in China to “come to Shanghai and Hong Kong with the best Web3-curious engineers and investors”. it was done.”
He argued that FTX and Crypto.com were also established in Hong Kong during this time.
However, “Binance was never incorporated in China. Nor do we operate culturally like a Chinese company. In many countries including France, Spain, Italy, UAE and Bahrain (to name a few) We have subsidiaries. But we don’t. There is no legal entity in China, and we have no plans,” CZ explained.
He also addressed the conspiracy theories surrounding Guangying Chen Owner of Binance. “Since his name is listed in early BusyTech documents, opponents of Binance have jumped at the opportunity to spread a conspiracy theory that Guangying was secretly the owner of BusyTech and possibly Binance,” he said.
That said, CZ made it clear to “the opposition in the West” that it cannot portray itself as a “Chinese company” nor tagged Chen as the owner of Binance or some secret agent of the Chinese government. can go.