Binance Dismisses Rumor of Company Plan to Build Blockchain Country on Private Island

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He Yi, Binance co-founder dismissed the claims of a fintech media platform that Binance has started something called the “Genesis Plan.” The plan was allegedly to build Binance’s own blockchain-powered country on a private island, Chinese local media outfit QQ News reports May 16th.

Chinese fintech media outlet Yibencaijing, had cited “insider sources familiar with the matter,” to corroborate its story. According to their sources, Binance had purchased an island and has plans to trial unprecedented blockchain applications in the crypto paradisal kingdom, where cryptocurrencies would be legal tender.

He Yi’s rebuttal of the claims maintain the company’s vision is indeed to “promote the legalization of the blockchain and crypto industries globally,” but that:

“The article [in question] is maliciously tarnishing the image of Binance and causing regulators in the country to have a bad impression of Binance. To create a country? It is absolutely absurd to fabricate such a story.”

The fintech outfit also cited a known Chinese whitepaper that had circulated earlier this year. Entitled “Republic of Blockchains”, it was a project for a sovereign blockchain-driven country at the frontier of the UN, which would liberate mankind from the centralized nation-state machine, dubbed “a cruel jungle law of mutual distrust.”

Binance is considered the world’s second largest cryptocurrency exchange going by trade volume. Binance CEO Zhao Changpeng had previously claimed assets worth as much as $2 billion. The company has repeatedly denied claims it’s move to Malta was to escape regulatory oversigh, instead stressing the positive outlook of the island’s robust and transparent crypto regulatory climate.

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