Binance Under Attack for Alleged Ties to China

Updated:

As more regulatory scrutiny piles up for behemoth cryptocurrency exchange Binance, CEO Changpeng Zhao (CZ) has clapped back at critics alleging the company could be a tool of the Chinese government.

The Binance chief noted in a blog post that the executive team of his company is dominated by Europeans and Americans, adding that the broader workforce is globally diverse. Zhao noted:

“The inference is that because we have ethnically Chinese employees, and perhaps because I am ethnically Chinese, we are secretly in the pocket of the Chinese government.

We are an easy target for special interests, media, and even policymakers that hate our industry.”

Binance has been the target of several regulatory inquiries due to its position as the largest exchange by volume in the world. Talking about some theories launched at the exchange, CZ hinted at an “old campaign” by competitors to tarnish the image of the brand through an anonymous microsite.

Addressing claims of a hidden political agenda alluded to by critics, CZ narrated: “The irony that I was once again forced to leave China – approximately 30 years after my parents fled with my sister and I – was not lost on me.”

CZ further noted: “Simply being of Chinese descent or having emigrated from China should not be a scarlet letter one has to wear for the rest of their life. Nor should it give people free rein to cast aspersions, lay false claims, or question one’s loyalty to their country.”

Key Binance Coin Levels to Watch — September 2

Binance Coin (BNB) is on a steady bearish correction despite positive sentiment in the broader market on Friday. The cryptocurrency is trading within a downward-facing (bearish) channel as bulls struggle to hold on to the $280 mark, which looks like the last defense before $230.

BNBUSD –Daily Chart on Binance. Source: TradingView.

The saving grace for BNB would be a return above the $300 – $320 resistance region, which would neutralize the bearish bias.

Meanwhile, my resistance levels are $300, $320, and $340, and my support levels are $260, $230, and $215.

Total Market Capitalization: $994 billion

Binance Coin Market Capitalization: $45.1 billion

Binance Coin Dominance: 4.54%

Market Rank: #5

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.