The Binance Controversy

Who is the owner of Binance ?

CEO of Binance is Changpeng Zhao (CZ), his family settled in Canada in 1989, but CZ moved to Shanghai in 2005, where he worked at Guangying (Heina) Chen's company Bijie Tech, then started Binance in July 2017. According to new claims, the owner of Binance is Guangying Chen, and CZ is only a face outside China.

Where is Binance Headquarter ? 

In September 2017, CZ left China after the Chinese government banned cryptocurrencies. After that, Binance's headquarters was first claimed to be in areas like Malta, the Cayman Islands, and Seychelles, but when the registrants in those regions also denied it, then Binance was also suspected. This fueled the suspicion that the original headquarters of Binance were still in Shanghai.

EXPLANATION - CZ tried to remove this doubt during the Ethereal Summit in May 2021, where he clarified that all the work of Binance is digital work related to crypto, which is done sitting at home, so it does not need a physical headquarter or office.

New Controvercy 

The federal US prosecutors have launched a probe against Binance for AML activities, and probably on being Chinese company. At this time, on the claims about Guangying Chen (Heina Chen), CZ says that Chen is a citizen of Europe, and he himself (CZ) is a citizen of Canada. They are both of Chinese origin, so meeting in accordance with Chinese civilization does not make Binance a Chinese company. Crypto exchange is banned in China. However, this explanation is not going to stop the probe.

Thoughts 

I agree that for a company that does only digital work, there is no need to incur physical office expenses or create a bank account. This is a step towards work from home and financial independence. Yet, anything is possible; it is possible that Binance is a Chinese company, and it is also possible that Binance's jealous rivals have levelled allegations to defame it.