This foreign based crypto exchange is being propped up by a government.

That government already made sure all their citizens got their money out, and now will leave the rest of the world’s population using the exchange, broke and unable to cash out.

Binance

China

Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software. Binance was initially based in China, but later moved its headquarters out of China shortly before the Chinese government imposed regulations on cryptocurrency trading.

Binance CEO wrestles with the ‘Chinese company’ label

In crypto, he is known simply as CZ, head of one of the industry’s most dominant players.

It took only five years for Binance CEO and co-founder Changpeng Zhao to build his company, which launched in 2017, into the world’s biggest crypto exchange, with 90 million customers and roughly $76 billion in daily trading volume, outpacing the U.S. crypto powerhouse Coinbase.

But Binance also emerged as one of crypto’s most controversial companies. It’s been accused of being a “hub for hackers, fraudsters and drug traffickers.” The company is barred from operating in two major markets — the U.S., where a separate entity, Binance.US, operates with aid from Binance, and in China, the country where Binance got its start.

Despite Binance having to abandon its country of origin shortly after its founding, critics have portrayed the exchange as a tool of the Chinese government. CZ, who was born in China but grew up in Canada and is a naturalized Canadian citizen, addressed the charge in a blog post after a journalist asked on Twitter about a Binance employee who he said has been accused of being a Chinese spy. – Source

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