Binance accused of collaborating with Chinese communists

Representative of the US Republican Party Bill Hagerty accused the world’s largest cryptocurrency exchange Binance of cooperating with the Chinese government. According to the senator, the platform has close ties with the Chinese Communist Party, but Binance management carefully conceals this information.

Sen. Haggerty ® just said something I don't think I've heard any of his colleagues say yet: that the crypto exchange Binance is «state-backed» and has «ties» to the Chinese Communist Party. Sen. Warner (D) just echoed those concerns. (Binance denies being a Chinese firm)

— Brendan Pedersen (@BrendanPedersen) December 14, 2022

In addition to Hagerty, this view is supported by Democratic Senator Mark Warner. The government officials did not provide evidence of their words, only expressed «concerns.» The idea that Binance is a Chinese company is not new. There are many supporters of the so-called conspiracy theory online who claim that Binance is a «criminal organization» of China and belongs to its government.

Both the exchange’s officials and its founder Чанпен Чжао" href="https://noworries.media/biography/chanpen-chzhao/" data-bio-id="3681">Changpeng Zhao have repeatedly denied this information. «Two years before founding Binance, I started a company called Bijie Tech. We had 30 clients and the business was going well. However, in March 2017, the Chinese government shut down all exchanges, including ours. All of Bijie Tech’s clients went bankrupt ,» Changpeng Zhao explained back in September.

As you know, the exchange was recognized as a criminal organization in China, so, according to Binance employees, any cooperation is out of the question. «People think about the exchange’s ties with the Chinese government only because of our nationality: I and some other Binance employees are Chinese,» the platform’s head emphasized.

According to one version of the conspiracy theorists, the exchange is actually run by Chinese resident Guangyin Chen. Some users believe that Chen is the secret owner of both Binance and Bijie Tech (a company founded by Zhao in 2015, which went bankrupt in 2017). However, according to Changpeng Zhao, Chen is an acquaintance of his who once ran one of Bijie Tech’s offices and was in China, and now Guangyin Chen works for Binance. Due to her long stay in China for work and management of the Bijie Tech office, conspiracy theorists believe that Chen is the Chinese government representative who runs the exchange.