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Binance's China Connection: Bombshell FT Report Exposes Secret Ties

Wed, 03/29/2023 - 12:24
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Alex Dovbnya
Bombshell report by Financial Times has exposed that Binance, world's largest crypto exchange, allegedly concealed significant connections to China for years
Binance's China Connection: Bombshell FT Report Exposes Secret Ties
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According to a bombshell report by the Financial Times, internal company documents indicate that Binance, the world's largest crypto exchange, hid significant links to China for years, contrary to claims that it left the country after the 2017 crypto crackdown.

The documents reveal instructions from CEO Changpeng Zhao and senior executives to conceal the company's Chinese presence, which included an office used until at least 2019 and a Chinese bank for salary payments.

This comes amid a lawsuit filed by U.S. regulators against Binance for allegedly serving American clients illegally and deliberately avoiding regulation.

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As reported by U.Today, U.S. Senator Bill Hagerty (R-TN) recently expressed concerns about Binance's connections to the Chinese Communist Party during an FTX-focused Senate Banking Committee hearing.

Hagerty accused Binance of conducting business in emerging markets in a "predatory fashion" and suggested that the company was part of a Chinese state-backed network.

Binance and CEO Changpeng Zhao have repeatedly denied having ties to China and the Chinese government.

In the meantime, Sam Bankman-Fried, founder of failed crypto firm FTX, was recently slapped with new charges in the U.S. for allegedly bribing a Chinese official with at least $40 million to regain access to trading accounts frozen by local authorities. The allegations add on to the fraud case filed against him last year following FTX's collapse.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at