Binance says FT is ‘dramatically mischaracterizing events’ Binance says FT is ‘dramatically mischaracterizing events’
Binance says it does not operate in China, nor does it have any technology — including servers or data — based in the Asian country.
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Updated: Mar. 30, 2023 at 11:56 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance has denied the Financial Times report that it has ties to China in an emailed statement to CryptoSlate.
A spokesperson for the crypto exchange said the firm does not operate in China, nor does it have any technology including servers or data based in the Asian country. They added:
“We strongly reject assertions to the contrary. To be clear, the Chinese government, like any other government, has no access to Binance data except where we are responding to lawful and legitimate law enforcement requests.”
The Financial Times report alleged that Binance had maintained a mainland office until 2019. The report further claimed that Binance deliberately obscured the extent of its operations in China despite claims to the contrary.
According to the statement, Binance said, “anonymous sources [were] citing ancient history and dramatically mischaracterizing events.”
Binance says it started moving staff outside China in 2021
Meanwhile, Binance said it offered relocation assistance to staff that were working with it in 2021. According to the exchange, this was part of a broader plan to keep its operations out side the country.
Binance highlighted that the exchange’s original founding members left Shanghai, China, two months after the company was organized following the government’s regulatory clampdown on crypto in 2017.
Binance wrote that it “has never been registered or incorporated in China, and does not operate in China, which banned crypto exchanges in September 2017.”
The exchange further said it has grown into a global organization with around 8000 full-time employees from more than 50 countries. According to Binance, 25% of its workforce is based near its regional hubs in Paris and Dubai or one of the jurisdictions it is licensed to operate.
Binance CEO Changpeng ‘CZ’ Zhao previously refuted claims that his exchange was a Chinese company. According to CZ, critics use his place of birth and his ethnicity to FUD the exchange.
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Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
