Crypto Exchange Binance Accused of Having Ties with China

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Despite claims from Binance CEO Changpeng Zhao and other top executives that the exchange left China at the end of 2017, internal correspondence obtained by the Financial Times shows that the company kept its connection to the country hidden.

Zhao allegedly instructed employees to hide the exchange’s presence in the country, including running an office until at least 2019 and using a local bank to pay salaries.

In 2019, employees discussed a media report about Binance’s plans to establish a headquarters in Beijing and were reminded not to confirm any other jurisdiction, including China.

Additionally, Chinese workers were told that wages would be paid through a bank in Shanghai in 2018. One employee even welcomed the expansion of the team, expressing hope that newcomers “will enjoy working here.”

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