.
A SEC investigation into Binance exposed that the platform is heavily influenced by a shadow leader who could be behind what the SEC considers questionable transactions.. The person in question is most likely Guangying Chen, aka Heina Chen.
According to Forbes magazine, Chen is a director of eight key companies associated with Binance. Dozens of bank accounts belonging to at least 27 organizations registered in 13 jurisdictions were opened under the signature of the top manager. Forbes reporters, citing former Binance employees, assure: it was Chen who controlled the financial activities of companies that have spent more than $148 billion through themselves since 2019.
<blockquote
“She is the real CFO.. Whatever it is, a transfer of funds or a letter confirming funding, everything goes out only with her knowledge, because she is the authorized person for all bank transactions,” one of the sources assured the journalists.
Guangyin Chen has no public presence and no meaningful official title in the company. A Forbes investigative journalist notes that Binance’s progenitor, Bijie Tech or Shanghai Bijie Networking Technology (Shanghai Daqing Networking Technology), is 93% owned by Chen, where she is also chairman and CEO.
That is, Bijie Tech, which owned BNB token assets at the time of Binance’s launch, was originally owned not by Changpeng Zhao but by Guangyin Chen and, as a consequence, she owns the entire Binance ecosystem, journalists conclude. This legal aspect was hidden from the public at the time of the launch of the Binance exchange and the BNB ICO, as the white paper did not mention the identity of Guangyin Chen. What’s more, data about the company’s corporate structure as well as mentions linking Binance and Chen, even personal information and personal photos are carefully scrubbed from the public field.
Citing unnamed sources Forbes reporters cite that Changpeng Zhao began working for Guangyin Chen as a hired director of Shanghai Xuanteng Investment Management Consulting back in 2012.
Rumors that Chen was secretly controlling Binance’s operations began to spread in 2020. The reason could be the previously released statement of Chinese law enforcement authorities on the results of an investigation into Shanghai Bijie Network Technology, where its owner Guangyin Chen is accused of offering unregistered securities on the Binance exchange platform.
Earlier, it became known that a U.S. federal court rejected
demand to freeze the assets of Binance.US, arguing that the parties can independently agree on the necessary restrictions.