Binance CEO Changpeng Zhao (CZ) talked about his personal and business history with China. It also detailed why it was incorrect to label Binance as a “under Chinese control” company. Here are the details…
Binance CEO explains misunderstandings
Binance CEO Changpeng Zhao (CZ) recently posted a statement on the Binance blog to illuminate the company’s relationship with China. He said that Binance is not a Chinese company. He claimed that conspiracy theories about a Chinese employee secretly running the business were untrue. In a statement released Thursday, CZ began by describing his personal history with China. Zhao and his family fled the nation to Canada at the age of 12, just two months after the events of June 4, 1989.
“It changed my life forever and opened up endless possibilities for me,” he wrote of this development. CZ returned to China in 2005. Then, he started his stock market business as a service called Bijie Tech in 2015. However, the Chinese government closed all such exchanges in March 2017, forcing the job to end. It then imposed a similar unilateral ban on crypto exchanges operating in China on Sept. This comes just a month and a half after CZ and his team launched Binance. This forced Binance to adopt the remote working model. This led the company to hire workers from all over the world.
Guanying Chen controversy
According to the CEO, one of the employees who worked for him at his first company, Bijie Tech, was a Chinese national, Guanying Chen. CZ had hired Chen as the company’s legal representative at the time, due to restrictive laws surrounding foreigners who are Canadian citizens like himself in China. “Because his name was listed in early Bijie Tech documents, those who vilified Binance did not miss an opportunity to spread a conspiracy theory that Guangying was secretly the owner of Bijie Tech and possibly even Binance,” he said.
Several recent news articles, including an article published by Fortune magazine on Monday, as we reported on cryptokoin.com, have implied that Binance is deeply rooted in China because of its origins. However, Zhao feels that the question of who Guanying Chen is is now a condescending attitude that his employees face every day. CZ noted that Chen had to leave China in 2017, but many Chinese organizations still spread “conspiracy theories” about him.
Chen leads Binance’s executive and exchange team today. He lives in a European country. So the CEO emphasizes that Chen is not a “secret Chinese government agent”. He states that Binance is not a Chinese company, despite attempts by the “Western opposition” to defame him as such. The CEO noted that malicious FUD (fear, uncertainty, doubt) campaigns are quite common in crypto and are often initiated by organizations in the industry. He said that some exchanges even create sites that look like independent newsgroups and are dedicated to crushing their competitors.
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