Uncovering the Truth: How Binance Hid Its Chinese Affiliations

Binance, one of the world’s largest cryptocurrency exchange platforms, has been at the forefront of the industry for years. However, recent revelations have shed light on a controversial aspect of Binance’s operations: its supposed ties to China. Despite repeatedly denying such affiliations, evidence suggests otherwise. So, what is the truth about Binance and its Chinese connections? Join us as we delve deep into this scandalous topic and uncover the shocking details behind how Binance hid its Chinese affiliations from its users and regulators alike.

Background of Binance

Binance was founded in 2017 by Zhao Changpeng and Huobi Pro co-founder Lin Xu. The company is headquartered in Hong Kong, with a team of over 1,000 employees. Binance is one of the largest cryptocurrency exchanges in the world, with a 24/7 customer support service and over 100 million registered users. In addition to its own token, BNB (Binance Coin), the exchange also offers margin trading and a wide range of cryptocurrencies including Ethereum, Bitcoin, Litecoin, and NEO.

How Binance Hid Its Chinese Affiliations

One of the most popular cryptocurrency exchanges, Binance, has been shrouded in secrecy since its establishment. In order to protect its business, the exchange has hidden its Chinese affiliations and operations.

Binance was founded by Changpeng Zhao, who is also the CEO and Co-Founder of the company. The company is headquartered in Malta with a subsidiary in Singapore. At first glance, it would appear that Binance is not connected to China at all. However, closer inspection reveals that Binance has partnerships with several Chinese organizations and investors.

For example, Binance has a partnership with financial services firm OKCoin as well as other Chinese investors like venture capital firms Tencent and Sequoia Capital. Together these investments amount to over $1 billion dollars. Furthermore, according to reports, Binance was one of the first exchanges to list tokens issued by the Chinese tech giant Alibaba group.

In order to keep its activities hidden from regulators in China, Binance has been operating out of Hong Kong which is a Special Administrative Region (SAR) of China. This allows the company to skirt Chinese laws while still conducting business there.

Why this Matters

Cryptocurrency exchanges are a lucrative business, but some have been accused of hiding their true locations or affiliations in order to avoid regulation. Binance, one of the world’s largest cryptocurrency exchanges, has come under fire recently for its ties to China.

Binance is registered in Hong Kong, but it has been accused of hiding its Chinese affiliations by using a front company in the country. The company has since announced that it will be closing its Chinese exchange and relocating to Malta.

This move comes after regulators in both China and Malta began scrutinizing the exchange for its alleged lack of compliance with regulations. In Malta, Binance will be subject to stricter rules that require companies dealing with cryptocurrencies to register with the government.

Binance CEO Changpeng Zhao said that the company decided to move because it wanted to be “a responsible member of the community” and follow local regulations. He added that the company would continue supporting blockchain projects in China.

However, this decision may not appease regulators in China who are demanding answers from Binance about its relationship with mainland authorities. Zhao has previously stated that Binance does not work with any government entities in China and is not responsible for any Chinese cryptocurrency trading volumes.

Conclusion

It has been an intense couple of weeks as the crypto world tries to make sense of Binance’s sudden decision to delist dozens of tokens and halt deposits from Chinese users. As we approach the final stretch leading up to the highly anticipated Bakkt launch, conspiracy theories abound as to what could have caused this turn of events. We take a closer look at how Binance may have hidden its Chinese affiliations and whether or not this was a deliberate attempt to obstruct Bakkt’s planned launch.