March 29, 2024

Financial Times: Binance hid its connection with China for years

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Financial Times: Binance hid its connection with China for years

Journalists from the Financial Times, citing access to some internal documents of the world's largest crypto exchange, said that Binance hid its close connection with China for many years.

In a journalistic investigation publishedon Wednesday, March 29, it is said that the revealed facts about the activities of the exchange for the period from 2017 to 2018 contradict the company’s claims that it left China immediately after the Chinese government began to take tough measures against the cryptocurrency industry.

The authors of the Financial Times claim that the topBinance executives, including exchange CEO Changpeng Zhao, gave direct instructions to a number of employees to hide their connections and presence in China.

According to the publication, despite the PRC introducedIn 2017, the cryptocurrency exchange was banned, the company used Chinese banks to pay wages to some employees, and also maintained an office, which, according to preliminary data, could be used until the end of 2019.

To support their arguments, journalistsThe Financial Times provides several documents in which exchange employees are advised not to publish the addresses of their offices anywhere, as well as a requirement for employees receiving wages in China to visit the tax authorities.

Binance, in response to the resonant publication, announced that anonymous sources distort information, and the conclusions based on them are “subjective and extremely incorrectly interpret events.”

The Financial Times statement comes asa lawsuit filed by US regulators against Binance for allegedly illegally and deliberately avoiding regulation in serving US customers.