In the latest developments from the Binance lawsuit, it was alleged that it hid its office in China despite claiming to withdraw its activities in the country at the end of 2017. In a last-minute statement, CEO CZ flatly denied all rumors about his exchange.
Binance accused of hiding its office in China despite withdrawing its activities
According to the Financial Times, Binance allegedly hid its office, although it claimed to have withdrawn its operations in China at the end of 2017. At that time, China had banned crypto-related services.
According to reports, some top executives, including CEO Changpeng Zhao (CZ), were on the list of people who instructed employees to hide the office in the area. The report also revealed that Binance used a Chinese bank to pay the salaries of the staff working in the office until the end of 2019.
A Binance representative stated that the Financial Times had provided false information in response to the allegations. Emphasizing that it does not operate or own any offices in China, the exchange said, “Other governments, such as the Chinese government, cannot access Binance’s data unless we are legally compelled to comply.”
The latest news comes after CZ and Binance were sued by the CFTC on March 27. CZ and Binance are accused of violating US trading and derivatives rules. cryptocoin.com We have mentioned that CFTC chairman Rostin Behnam said that there is clear evidence to prosecute Binance.
CZ replied to the FT article
In response to the FT article, Binance CEO criticized traditional news media for spreading false news. He claimed that the blockchain data could easily prove that Binance has no operations in China.
Meanwhile, Binance’s on-chain balance stands at $64 billion, according to Nansen’s data. Binance CEO said the exchange processes billions of deposits and withdrawals every day. The net outflow recorded after the US CFTC lawsuit is smaller than that recorded during the BUSD print or the FTX crisis.
CryptoQuant CEO Ki Young Ju also reacted to the rising Binance FUD due to recent reports of traditional media attacking the crypto industry. In his latest tweets, he emphasized that despite all the perception efforts, Binance still continues its activities in a seamless manner.
Binance CEO sees lawsuits as an effort to create perception
On March 28, CZ posted an official response on the CFTC case from the Binance blog. He stressed that Binance does not trade for profit or manipulate the market in any way. CZ stated that the company trades on the exchange to convert cryptocurrencies to fiat money and cover expenses.
The recent CFTC lawsuit, along with allegations against Binance and CZ, has raised concerns among investors and regulators about the exchange’s compliance with regulations. As the cryptocurrency market continues to grow, it is crucial that exchanges like Binance operate transparently and follow all regulatory requirements to maintain the trust of users and regulators.
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