Binance founder and CEO Changpeng Zhao restated that Binance is not a Chinese company

Changpeng Zhao published a blog post on Thursday Zhao wrote that the world’s largest crypto exchange by trading volume shares similar staff profiles as other major 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. he stated:

If you look at companies like ours and FTX, Crypto.com, etc., you’ll find our organizations have very similar employee profiles. However, over the past two years, as we expanded into Europe and the Middle East and recruited a more senior leadership team, Binance’s executive team is now more heavily dominated by Europeans and Americans. Our broader employee base is even more globally distributed. Despite these facts, some people insist on calling us a “Chinese company,” and in doing so, they don’t mean well.

Changpeng Zhao denied the claims that his company has close links to China and its government, according to CZ:

No. Anyone with even a rudimentary knowledge of corporate law or how companies work will understand this: Binance was never incorporated in China. Nor do we operate like a Chinese company culturally. We have subsidiaries in many countries, including France, Spain, Italy, UAE, and Bahrain (to name a few). But we don’t have any legal entities in China, and we do not have plans to. I believe it’s critical today that we come forward with these facts. The greatest challenge that Binance faces today is that we (and every other offshore exchange) have been designated a criminal entity in China. At the same time, our opposition in the West bends over backward to paint us as a “Chinese company.”