As China continues to forbid the trading of cryptocurrencies, Binance founder and CEO Changpeng Zhao emphasized that Binance is not a Chinese business and that it was never incorporated in China.
The world’s largest cryptocurrency exchange by trading volume, according to Zhao’s blog post on Thursday, has employees with similar backgrounds to other well-known exchanges like FTX and Crypto.com, but some people insist on calling us a ‘Chinese company,’ and in doing so, they don’t mean well, Zhao wrote.
Zhao, who was born in China and moved to Canada when he was 12 years old, said that he started Binance in China in July 2017 but had to leave the country after the Chinese government declared that cryptocurrency exchanges were not permitted to function there in September 2017.
The fact that Binance and every other offshore exchange have been classified as criminal entities in China is the biggest difficulty the company is now facing, according to Zhao.
Bahrain, France, Spain, Italy, the United Arab Emirates, and Binance all have subsidiaries. Zhao continued, “But we don’t have any legal entities in China, and we do not have plans to,”
The location of Binance’s worldwide holding company is still unknown.