Updated on:12/03/2025 04:22 PM 
In a comprehensive official statement, Changpeng 'CZ' Zhao, the CEO of leading cryptocurrency exchange Binance, has directly addressed and refuted recent allegations suggesting the platform maintains undisclosed connections to the Chinese government. The controversy emerged following claims that Binance secretly operates under the influence of a Chinese national named Guangying Chen.
According to CZ's detailed blog post, he departed China at the age of 12 and subsequently obtained Canadian citizenship. He emphasized that Binance was established in 2017 following the Chinese government's regulatory actions against his previous venture, Bijie Tech, highlighting that the company emerged from regulatory challenges rather than government support.
CZ clarified that since its inception, Binance has evolved into a globally diverse organization with team members from numerous countries and backgrounds. Despite this international composition, certain media outlets continue to inaccurately characterize Binance as a "Chinese company," a misconception the CEO seeks to correct.
The cryptocurrency industry leader stressed that the ethnic background of employees or his own heritage should not automatically imply undisclosed governmental allegiances. "Having ethnically Chinese team members or my own Chinese heritage does not equate to secretly maintaining loyalty to the Chinese government," CZ emphasized in his statement.
The Binance CEO further addressed the sensitive nature of birthplace and ethnicity in the global cryptocurrency landscape, suggesting these factors should not serve as permanent stigmas that professionals must carry throughout their careers.
The official response follows inquiries from former Washington Post journalists regarding Binance's ownership structure and potential government connections. CZ provided detailed context about Guangying Chen's position within the company's history.
Guangying Chen, a Chinese national, joined Binance in 2017 as a back-office manager. Her involvement stemmed from practical legal requirements, as foreign entrepreneurs like CZ cannot directly register companies in China under local regulations. Chen agreed to serve as the legal representative for Bijie Tech to facilitate its operations within China's legal framework.
Regrettably, Chen has faced unwarranted online harassment with accusations of being a covert Chinese government agent, solely because her name appears on official documents of Bijie Tech. CZ strongly condemned these unfounded accusations and expressed concern about the potential harm caused by such baseless allegations to individuals in the cryptocurrency industry.
"The cryptocurrency ecosystem should be built on transparency and accurate information, not speculation and unfounded accusations," CZ concluded, reinforcing Binance's commitment to maintaining independence while operating within global regulatory frameworks.
