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CZ explains why Binance left China before the crypto ban

CZ explains why Binance left China before the crypto ban 21

Binance CEO Changpeng Zhao (CZ) disclosed that the environment was not friendly for the crypto companies to operate a business in China and that the situation forced the company to move toward friendly jurisdictions.

Binance is a top-ranked crypto exchange and Initially was founded as a Chinese entity in 2017. Later Binance shifted its all services from the Chinese market but still to this date, Binance & its founder Changpeng Zhao (CZ) face criticism because of their Chinese origin.

On 11 April 2023, Fortune Magazine published a report on behalf of an interview of CZ. In the interview, CZ revealed many challenges that he faced & facing.

CZ indirectly hinted toward the bad crypto focussed policies, where China first banned crypto-linked banking transactions in 2013 & later in 2017 China banned some crypto exchanges to prohibit the outflow of money from China. 

Binance CEO said that he relocated Binance to Amazon’s hosting server to keep Binance outside the reach of Chinese government agencies and further moved outside of China. 

In the past, Binance changed its headquarters several times. The first-time Binance jumped into the Japanese market but the company was only getting the opportunity to get registered as an exchange, so CZ decided to relocate headquarter in Malta. 

In the interview, CZ said that the culture of the crypto sector motivated him to always remain engaged to find crypto-friendly jurisdictions in the world.

“It’s not so much that we want to bend the rules or even avoid them, we just want to look for places that are more favorable,” CZ said.

The report noted that Binance Exchange is in talks with several US agencies to settle any kind of mismanagement done by the exchange under the jurisdiction of the United States. 

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CZ explains why Binance left China before the crypto ban



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