• Binance has been accused of hiding its ties to China.
• Leaked documents suggest the exchange had an office and used a Chinese bank to pay employees.
• Binance has denied the allegations and claims they are misrepresenting the truth.
Binance Accused of Hiding Ties To China
Binance, one of the world’s largest crypto exchanges, has been caught up in a shocking revelation that could shake the industry to its core. Explosive documents obtained by the Financial Times have revealed that Binance CEO Changpeng “CZ” Zhao and other top executives have allegedly been secretly concealing their ties with China for years.
Leaked Documents Suggest Closer Relationship With Chinese Authorities
Binance had previously maintained that it severed its ties with China after the government’s crackdown on cryptocurrency in 2017. However, leaked documents suggest a much closer relationship between the exchange and Chinese authorities than previously thought. These allegedly include use of an office within China as well as a local bank used to pay employees.
Allegations Spark Fears Of A Regulatory Crackdown
The scandalous cover-up has sent shockwaves through the crypto community and sparked fears of a regulatory crackdown on Binance. This is not helped by accusations made by US Commodity Futures Trading Commission (CFTC) against Binance which claimed that they deliberately concealed information about their executive offices’ location.
Binance Denies Allegations As Misrepresentation Of The Truth
In response, Binance vehemently denies these allegations and states that anonymous sources are dredging up old information and misrepresenting it as truth. The company maintains that these claims are “not an accurate picture of Binance’s operations”.
Crypto Community In Shock Over Controversial Exchange’s Revelations
The revelations coming from this ongoing investigation into Binance have left many in shock across the crypto community as fears continue to mount over potential regulatory action taken against them due to their alleged actions .