Binance CEO Hits Back at Accusations Crypto Exchange is a Chinese Company

Binance CEO Changpeng Zhao can only clap back at accusations that his company is a Chinese “criminal entity.”

With approximately 28.6 million members on its platform, the firm is one of the world’s largest crypto exchanges.

Since its launch in 2017, it has been a key player in the cryptocurrency industry. In 2020, Binance reported $1 billion in revenue.

In addition, the company has its own tokens, notably BNB and Binance USD. BNB was originally created on the Ethereum blockchain in 2017 and migrated to its own purpose-built chain in 2019.

Binance USD, as the name suggests, is a fixed currency. This means that the value is linked to the US dollar.

Crypto Exchange accused of this and that

Binance may dominate the cryptocurrency exchange business, but it is not without its critics. Money laundering from the US to Japan reportedly appears to be a problem around the trade.

CEO Changpeng “CZ” Zhao recently responded forcefully to allegations that the company is controlled by the Chinese government.

Guangying Chen, a Chinese national and personal acquaintance of Zhao, is mentioned in the rumor that the firm is under the control of the Chinese government.

ScamBinance, a website dedicated to exposing Binance, claimed that Guangying was the company’s majority shareholder at one point during its existence.

Because of this, she and her loved ones have been the target of media attention and even cyberbullying.

Image: Reuters

Binance CEO denies the claims

CZ has said, “Had I understood how much of a bad impact this would have on her life, I would never have asked her to carry out what seemed like such a harmless move at the time,” CZ said regarding the situation facing Guangying . .

Given this history, China’s attitude towards crypto is also crucial. The government has taken a hard line against cryptocurrency, making its use and possession illegal across the board.

CZ also strongly refuted claims that his company has any ties to the Chinese government or the Chinese people themselves.

He even went so far as to share some of his own horrific experiences dealing with Chinese officials in both his personal and professional life.

After what CZ

“Right now, the biggest problem Binance has is that we have been labeled a criminal organization in China, along with every other offshore exchange. Conversely, our rivals in the West go to great lengths to portray us as a “Chinese company.”

Moreover, he speculated that the fact that he and the majority of his staff are Chinese may be the motivation behind the attack.

Binance is a major crypto organization, but only time will tell if the claims are genuine.

Crypto total market cap at $953 billion on the weekend chart | Source: TradingView.com

Featured image from Persia Digest, chart from TradingView.com