The CEO of Binance has responded to recent claims that the cryptocurrency exchange is controlled by the Chinese government by denying the validity of those claims.
The Chief Executive Officer of Binance Responds to Critics
Changpeng Zhao, the creator of the most prominent cryptocurrency exchange, has responded to some of the criticisms leveled against his business. CZ, as he is more commonly referred as, states once again that the cryptocurrency exchange was his idea and has absolutely nothing to do with the government of China.
In the past twenty-four hours, skeptics have voiced their opinion that the nation’s socialist government operates the company as a “criminal enterprise.” However, the argument that ensued between the CEO of Binance and the critics began as a result of a Twitter exchange that took place between CZ and a former worker at The Washington Post.
In addition to this, the journalist is said to have questioned CZ by asking, “Who is Guangying Chen?”
Then, CZ disclosed that the poser had some connection to the stories that were circulating about his close friend Guangying Chen.
Chen is suspected of being both the anonymous creator of Bijie Tech and the co-founder of Binance. Bijie Tech is also suspected of having been founded by Chen.
In addition, the CEO of Binance disclosed the fact that Chen is a person he knows through a mutual acquaintance. He went on to say that he had initially employed her services in order to supervise Bijie Tech, and that he later utilized her expertise at Binance.
CZ claims that this is the reason why those who believe in conspiracies think that she is the true creator of the companies in question. In addition, the fact that Chen is one of the few associates of CZ to still be present in China has prompted skepticism on the part of detractors.
In the meantime, there are websites that make the claim that CZ’s colleague was at one point the majority shareholder at both Bijie Tech and Binance. In response, CZ mentioned that this was a rumor started by his competitor on a website that he did not specify.
ties with China
The idea that Binance has a working relationship with the Chinese government has been categorically rejected by the company’s chief executive officer (CEO). CZ, on the other hand, disclosed that he had discussed business-related concerns with his government while the company was operating abroad.
He and several other top Binance executives are of Chinese heritage, which is why, according to him, his business was at the center of the controversy. As a direct consequence of this, policymakers who have a bone to pick with the Chinese government vent their frustrations on Binance.
Furthermore, CZ extrapolated that the Chinese government sees Binance as a covert tool to work for the government’s goals because Binance is based in China.
In the meanwhile, it would appear that the problem is much more pervasive than was originally anticipated. On August 30, numerous publications across the globe, most notably Fortune India, referred to the company as a “crypto exchange that is owned by China.” The platform asserted that Binance and other exchanges operated by Chinese nationals were engaging in unlawful activity while operating freely within the country.
Critics continue to maintain that Binance is controlled by the Chinese government despite the fact that the firm does not have an operational presence in China.
CZ said that the company has global subsidiaries located in the majority of countries throughout the world, particularly in Europe. The CEO continued by saying that the majority of his top management staff is comprised of Americans and Europeans.
Most importantly, it possesses a sizable workforce pool that reflects a widespread presence across the world.
At the age of twelve, the current CEO of Binance emigrated to Canada from China. On the other hand, he went back to China in 2015 to found Bijie Tech, which the Chinese authorities eventually closed down in 2017.