Binance.US, a subsidiary of Binance created to cater to US customers, reportedly maintains a significant technology workforce in China, as per sources cited by Bloomberg.
However, the connection to China could potentially raise regulatory concerns for the company, as noted by the same source.
Allegedly, approximately 20% of Binance.US’s workforce comprises Chinese workers, with roughly 100 employees based in Shanghai, mainly involved in product development and manufacturing.
While there were plans to relocate some of the employees from Asia to North America for at least a year, progress has been slow.
Earlier this year, the Financial Times revealed that Binance allegedly concealed its close ties to China for many years.
Based on access to internal documents of the largest cryptocurrency exchange in the world.
The investigation reportedly found discrepancies in Binance’s activities between 2017 and 2018.
Contradicting the company’s claims of leaving China after the government began cracking down on the cryptocurrency industry.
Binance also faces legal challenges in the US, with the Commodity Futures Trading Commission (CFTC) suing the company for lack of registration and suspicion of violating federal laws governing US commodity markets.
And allegations of unregistered trading in securities in the form of cryptocurrencies, and promoting such services.