“One of the many strengths that our employees at Binance must possess is thick skin. After all, there is a lot of negative sentiment in this industry (much of it is unwarranted, but that’s the reality right now) In recent months, our thick skin has been tested by a noticeable increase in attacks on our company’s reputation, both from the media and behind closed doors in meetings with decision makers.”
So begins the long message that appeared on Binance’s corporate blog to denounce the disinformation campaign that has been going on for some time to discredit the company in the eyes of users and investors.
Binance Attacked by Misinformation
In July, the company sued Bloomberg for defamationwho had called the exchange a Ponzi scheme.
According Binance CEOsome media outlets and competitors have long acted to discredit the company’s name in every way, dismissively labeling it a secretly Chinese government-controlled company, when, as the blog explains after the expansion it experienced in recent years, most employees would now be European and American.
According Changpeng Zhaosome competing companies are reportedly setting up ad-hoc news sites with the specific purpose of targeting other exchanges, including Binance itself, which is still considered the world’s top exchange.
“We are the largest crypto exchange and Web3 company on the planet. With that comes great responsibility and an expectation to face greater scrutiny. However, it is important to remember that our industry is still in its infancy.
the company proudly reiterates in the post written by the CEO and Founder Changpeng Zhao.
In the post, the company explains how the cryptocurrency sector has seen a lot of development in Asiaespecially in China itself, which quickly realized the great potential of cryptocurrencies to counter the dominance of the dollar in global financial markets in particular.
Here, therefore, even the repressive policies of the Chinese government, according to Zhaoare just window dressing
“While the Chinese government has maintained a tough public stance on crypto, it has quietly, behind the scenes, helped bolster the fledgling industry and supported its growth within its borders. Web3’s top engineers and curious investors flocked to Shanghai and Hong Kong.
Zhao traces his personal story of emigrating to Canada when he was just 12 years old with his parents from Hefei University of Science and Technology, not without difficulty as Zhao recounts how they spent whole nights in stand in line at the Canadian Embassy.
But this experience was crucial for his maturation and growth both personally and professionally.
It is precisely the explosion of 2005 of the technology sector in China which convinced him to return to China, in Shanghaito open a technology start-up.
In Shanghai, he bought an apartment, which he then sold to invest the proceeds in Bitcoin, then start his billion-dollar adventure with Binance.
“Two years before Binance, I started a company called Bijie Tech, providing exchange platforms as a service to other exchanges. We had 30 customers on board, and business was good. mainly of exchanges of art and objects such as stamps, baseball cards, etc.
Unfortunately, in March 2017the Chinese government closed all these exchanges, but from this bad experience was born the idea of Binance, launched on September 4, 2017.
After the Chinese ban, Binance moved its operations overseas and most of the employees relocated, becoming the global company it is today.
Get out of China, Binance faces numerous accusations from regulators halfway around the world of operating without a license.
Britain and Japan banned the swap to operate in their territory.
For this reason, in recent months, the Chinese stock exchange has obtained authorizations to operate in several states, including Italy and France.
Zhao then tells the story of Guangying Chenwho according to some media sites is the real leader of Binance put there by the Chinese government, when he is in fact only an executive of the company with which Zhao has been working since 2010.
“Binance was never incorporated in China. We also don’t operate culturally as a Chinese company. We have subsidiaries in many countries, including France, Spain, Italy, United Arab Emirates and Bahrain (to name a few). But we don’t have any legal entity in China and we don’t intend to. I believe it is essential today that we present these facts.
Zhao written in the post.
“My favorites are stories that go out of their way to note that I am a ‘Chinese-Canadian CEO’ or, even better, ‘Chinese-born, Canadian-educated.’ I am a Canadian citizen, period.
Binance CEO concludes the post.