• CZ disputes charges that Binance is in “the Chinese government’s pocket”

  • Changpeng ‘CZ’ Zhao, CEO of Binance, has reacted to charges that his business is owned by a secret Chinese agent named “Guangying Chen” and hence owes its devotion to the Chinese government.

    CZ revealed in a blog post that he fled China when he was 12 years old and has subsequently become a citizen of Canada. After the Chinese authorities cracked down on his prior company, Bijie Tech, he moved on to start Binance in 2017.

    Ethnicity should not be regarded as a “Scarlet letter.”

    CZ stated that since Binance’s inception in 2017, it has evolved into an internationally diverse team; nonetheless, many elements of the media continue to depict it as a “Chinese firm.”

    He went on to say that having ethnically Chinese personnel or being ethnically Chinese does not imply being “secretly” in “the Chinese government’s pocket.”

    CZ stated:

    “Binance was never incorporated in China. Nor do we operate like a Chinese company culturally. We have subsidiaries in many countries… But we don’t have any legal entities in China, and we do not have plans to.”

    He went on to say that his birthplace and ethnicity should not be a “scarlet letter” that follows him for the rest of his life:

    “Nor should it give people free rein to cast aspersions, lay false claims, or question one’s loyalty to their country.”

    Binance is not owned by Guangying.

    The blog post was written when an ex-Washington Post journalist questioned a Binance executive on the following topic:

    “Who is Guangying Chen?”

    CZ then addressed the circumstances surrounding Guangying’s participation in the organization. Guangying Chen is a Chinese national who began working as a back-office Manager at Binance in 2017.

    Chen agreed to act as Bijie Tech’s legal agent because foreigners, such as CZ, are not allowed to form a corporation in China under Chinese law.

    Chen has been hounded online as a hidden Chinese agent solely because her name appears on paperwork from Bijie Tech. CZ stated:

    “Binance’s detractors have leaped at the opportunity to spread a conspiracy theory that Guangying was secretly the owner of Bijie Tech and possibly even Binance.”

    He added:

    “Guangying ‘does not own Binance and she is not some secret Chinese government agent’”

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