Join Our Telegram channel to stay up to date on breaking news coverage
Chief Executive Officer of Binance Changpeng Zhao (CZ) has responded to rumors that his company is a Chinese-based “criminality entity” that is funded by the Chinese government.
In a blog post, the executive refuted a conspiracy theory that Chinese national Guangying Chen is the secret owner of two companies – Binance and Bijie Tech.
CZ Says Rumors Linking Binance With Chen Are False
But CZ explained that Chen is a colleague he met through another friend he hired to “manage the back office” at Bijie Tech before she was rehired in Binance. According to CZ, the conspiracy theorists linked her continuous presence in both firms and thought she owns the firms.
Some websites have also stated that Chen had 93% of shares at both Binance and Bijie Tech at one stage. But CZ cleared the air, saying that such a rumor came from a competitor that campaigned against Binance through an anonymous microsite.
Your capital is at risk.
The rumors have also affected Chen as she and her family have regularly been harassed by the media.
CZ Refutes Claims Linking Binance With The Chinese Government
Other rumors have linked Binance with the Chinese government, and CZ has denied that as well. The Binance founder also explained the difficulties he faced and business-related challenges with the Chinese government even before the creation of Binance.
“The greatest challenge that Binance faces today is that we have been designated a criminal entity in China,” he said. While Binance is facing challenges with the Chinese government, the West is seeing the firm as a “Chinese Company.” As a result, the company is facing criticisms from both sides, CZ added.
CZ also believes that Binance is being targeted simply because he and a few other Binance employees are from China. This has made the company an easy target for the media, special interests, and policymakers that hate the crypto industry.
CZ said that even though Binance is not incorporated in China, the Chinese-infiltrated narratives have continued to spread. He also stated that Binance has a wide reach and has subsidiaries in several countries, such as the UAE, France, Italy, Spain, and Bahrain.
Read more:
Join Our Telegram channel to stay up to date on breaking news coverage
