Changpeng Zhao, the founder and CEO of crypto exchange major Binance, has reiterated that though he started the company in 2017 while he was in China, Binance was “never incorporated” in the country.
Changpeng Zhao, CEO and founder of Binance. / Photo credit: MX Global
The founder said that months after launching Binance in China, the Chinese government barred crypto exchanges from operating in the country. Most of Binance’s employees left the country by late 2018 following the announcement, save for some customer service agents who remained with the firm.
Zhao said that since then, the company’s team has been working remotely and has yet to make any country its home base.
The founder also shared that one of Binance’s major hurdles today is that it’s been marked as a criminal entity in China while being painted as a “Chinese company” by crypto exchange rivals in the West.
“Binance was never incorporated in China. Nor do we operate like a Chinese company culturally,” Zhao said. He also pointed out that Binance has no legal entities in China and doesn’t plan to have one set up.
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Zhao was born in China but left the country with his family when he was 12.
Editing by Deepti Sri
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