Binance CEO ChangPeng (CZ) Zhao published in a blog post details of the relationship between the world’s largest crypto exchange and Guangying (Heina) Chen, along with a history of connections to China. In the post, CZ decried recent attacks in the media and negative campaigns from competitors as conspiracy theories that are eroding trust in the industry.

Responding to questions in the media about Guangying Chen, a Chinese national at the time, CZ said that she was listed as the legal representative of an IT company, Bijie Tech, which he started in China two years before founding Binance. He explained that this was done in order to ease restrictions on businesses owned and run by foreigners, like himself, a Canadian citizen.

Binance curtailed operations in China in 2017 and currently offers no services there. The Binance CEO said they operate like any globally distributed company with many subsidiaries and that Binance is not a Chinese company either legally or culturally.

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.

Describing his journey as an immigrant from China to Canada at age 12 and the path that took him to become the CEO of Binance, CZ said his Chinese origin should not give people “free rein to cast aspersions” on him or the company. The recent question from a Washington Post reporter led to allegations of Binance working with the Chinese government.

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.” - Binance CEO ChangPeng Zhao