HomeNEWSBinance has no ties with China - Zhao insists

Binance has no ties with China – Zhao insists


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CEO of Binance, Changpeng Zhao has denied speculations that the exchange is a Chinese company. The CEO made the disclosure in a Thursday Twitter post in reference to a recent interview. According to Zhao, Binance is not related to China in any way.

In the interview, he said Binance is mistakenly believed to be Chinese “because I look Chinese.” Notably, this is not the first time that the Binance CEO is coming out to debunk speculations linking the exchange to China. In early September, the Zhao responded to allegations that his company belongs to a secret Chinese agent “Guangying Chen” and thus dedicates its loyalty to the Chinese government.

Then, the Binance CEO explained that he left China at 12 years old and has since then naturalized Canada as a citizen. According to him, he established Binance in 2017 after Chinese authorities cracked down his previous firm, Bijie Tech. Now, Zhao wondered how long he would have to continuously clarify that his exchange shares no relationship with the country.

Binance working to rejig the struggling crypto sphere – Zhao

Also in the Thursday interview, the CEO highlighted his plans to help rejig the struggling industry. He pledged at least $1 billion recovery funds for purchasing of distressed assets within the sphere. According to him, the rescue funds would possess a “loose structure” and will be publicly visible on the blockchain. This, as revealed by Zhao, tends to enable other industry players contribute to the initiative. Notably, the CEO promised more details on the funds would be made available on Binance’s blog.

Recall that the exchange, had in mid-november, launched the rescue funds after the crisis befalling FTX worsened situations in the crypto industry. Zhao believes the recovery funds possesses the tendency to deescalate the overall effects of the FTX crisis. Then, Tron founder Justin Sun pledged the commitment of Tron, Huobi Global, and Poloniex to the recovery project. The founder emphasized the need for unity and building together to tackle the worsening crisis rocking the industry. Similarly, Huobi, in a separate statement, confirmed its support for the Binance recovery fund project.

More so, Binance CEO announced the readiness of his exchange to making another bid for troubled lender, Voyager. Recall that FTX initially made the bid to buy the lender before it plunged into crisis. Now, the U.S subsidiary of Binance, according to Zhao, aims to take up the deal towards acquiring the bankrupt lending firm.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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