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Binance says FT is ‘dramatically mischaracterizing events’

WikiBit 2023-03-30 17:53

Abstract:Binance has clarified that it does not conduct any operations in China and has no technology, including servers or data, located in the country.

  In response to a report by the Financial Times claiming that Binance has ties to China, the crypto exchange has denied the allegations. In an email, a spokesperson for Binance stated that the company does not operate in China and has no technology or data based in the country.

  The spokesperson also rejected the assertions made in the report, stating that the Chinese government does not have access to Binance data, except in response to lawful and legitimate law enforcement requests.

  The Financial Times report alleged that Binance had an office in mainland China until 2019 and that the company had obscured the extent of its operations in China despite claims to the contrary. Binance responded by dismissing the report, saying that anonymous sources were citing outdated information and misrepresenting events.

  Binance says it started moving staff outside China in 2021



  Binance also revealed that it provided relocation assistance to its staff who worked with the exchange in 2021 as part of its plan to keep its operations outside of China. The exchange emphasized that its founding members left Shanghai, China, two months after the company's formation due to the government's crackdown on crypto in 2017.

  In a statement, Binance clarified that it has never been registered or incorporated in China and does not operate in the country, where crypto exchanges were banned in September 2017. The exchange highlighted that it has become a global organization with over 8,000 full-time employees from more than 50 countries, with 25% of its workforce based near its regional hubs in Dubai and Paris or in one of the jurisdictions where it is licensed to operate.

  Binance CEO Changpeng 'CZ' Zhao previously dismissed claims that his exchange was a Chinese company. He said that critics used his place of birth and ethnicity to create fear, uncertainty, and doubt (FUD) about the exchange.

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