Binance CEO Changpeng Zhao and other top cryptocurrency executives have maintained close ties with mainland China over the past few years.
The exchange’s management has been in contact with PRC officials and businesses, even though the Binance administration announced in 2017 that it was finally leaving the Middle Kingdom due to a ban on digital currencies in that country. However, until the end of 2019, the exchange used a Chinese bank in Shanghai, through which its employees received their salaries, the Financial Times reported, citing sources.
Binance also had an office in China, through which the cryptocurrency company’s managers reported to the tax authorities. However, on an official level, Binance has periodically stated that it has offices in Malta, Singapore and Uganda and only those branches can be used.
Binance remains the largest cryptocurrency exchange with a daily trading volume of more than $8.5 billion. According to the company itself, it employs about 8,000 people. They live in Europe, Asia-Pacific, the Middle East, Africa, North and South America.