U.S. Senator Claims Binance Has Ties to Chinese Government

Dec 15,2022
U.S. Senator Claims Binance Has Ties to Chinese Government

On the FTX based hearing system held by the Federation of Financial Institutions of the House of Lords, Senator Mels Hagerty (R-TN)sayBinance is the world's largest digital currency exchange, which is controlled by Chinese government departments

I think we should keep an eye on this situation. Especially about Binance. About the efficacy and support of the CPC. It is established that Binance has spread all over the world. This is an Internet applicable to China.

Hagerty claims that Binance has developed markets in emerging economies in a "very predatory form"

The legislator stressed that the turnover of Binance seems to be seven times that of FTX. In addition, he predicted and analyzed that the market share of the exchange could only increase because the key competitors had already run out

Haggerty said that if Binans ran like FTX, it would cause "devastating" adverse effects

What the senator cared about was that the foreign exchange account of Binans was not clear, and the impact of foreign regulatory authorities on such exchanges was relatively limited

The senator also expressed concern about the dominance of the US dollar as the world's reserve currency

Binance was founded in China in 2017, but the exchange had to move to China because the government severely cracked down on data encryption trading

In a blog released in September, the CEO of Binance, Chang Zhao, denied that he was related to the Chinese government. He was a Canadian citizen. Zhao also claimed that the world's largest exchange has no legal entity in China