Forbes uncovers Binance's hidden CFO "Chen Guangheng"! Controls numerous bank accounts, funds CZ's lavish lifestyle

According to a report by Forbes, the name Guangying Chen has appeared multiple times in the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance and its CEO CZ. Although Guangying Chen does not have a clear official title at Binance, documents obtained by the SEC refer to them as the "Chief Financial Officer." Further investigation by Forbes reveals that Guangying Chen's role at Binance seems significant, as they not only have control over many bank accounts but also serve as a director for several organizations under Binance.

Guangying Chen: The Guardian of Binance's Treasury

According to SEC data, Guangying Chen serves as a director for 8 Binance companies, has been a signatory on bank accounts for 27 organizations registered in 13 countries, overseeing fund management for the company and handling up to $148 billion in deposits and withdrawals. Some of these accounts were set up at Signature Bank and Silvergate Bank, which are either closed or have a zero balance currently.

"Guangying Chen is someone CZ trusts and she controls Binance's treasury," a former senior executive who worked with Guangying Chen and CZ at Binance stated.

Furthermore, Forbes found legal documents that further supported this claim.

Since 2019, Guangying Chen has reportedly paid herself at least $32 million and has signed off on some of Binance's most controversial and significant business transactions, allegedly artificially inflating Binance's trading volume to attract more users and investors while monitoring transactions, leading to SEC fraud charges.

According to the SEC, the organizations overseen by Guangying Chen serve as the source of funds for CZ's lavish lifestyle, including spending $55 million on a private jet and $11 million on a yacht.

Guangying Chen May Actually Be Binance's CFO

To illustrate the extent of Guangying Chen's control over funds, Forbes used a failed bank acquisition case by Binance as an example. Binance attempted to acquire a bank in Liechtenstein, where Binance's CFO at the time, Wei Zhou, negotiated the deal and met with local regulators.

However, according to two sources and bank documents reviewed by Forbes, it was actually Guangying Chen who transferred $5 million from Binance's bank account in Liechtenstein to an escrow account, with assets and liabilities statements signed by Guangying Chen.

"She has control over everything. When it comes to fund transfers or confirmation of funds, she is indispensable because she is the authorized person for all bank accounts. She is the real CFO," a source told Forbes.

Additionally, Forbes found that Guangying Chen, as a director and signatory on bank accounts, was involved in the operations of subsidiary companies in at least 15 countries during Binance's expansion into new markets. On Binance.US's 2019 balance sheet, she was the sole signatory for nine bank accounts at the time.

Guangying Chen's Role Is Ambiguous and Inseparable from CZ

There has been much discussion about Guangying Chen's identity and position at Binance in the past. CZ clarified the relationship between them in an article published in September 2020.

CZ stated that they met in 2010 and when founding BijieTech, he asked Guangying Chen to manage the backend, and due to restrictive laws in China regarding foreign nationals as statutory representatives for public companies, Guangying Chen became the company's statutory representative.

Forbes also pointed out that when Binance was established in Shanghai in 2017, company registration documents in China showed that Binance was established in the name of Guangying Chen, who held an 80% stake in Binance.

Regarding Guangying Chen's position at Binance, Forbes found that she held different positions at different times, including CZ's personal financial manager, head of logistics, and logistics manager. However, a former senior executive told Forbes that she does not have a formal title, but her role is in the "finance department."

Furthermore, Guangying Chen's movements seem closely tied to CZ, as they both currently reside in the United Arab Emirates. A former senior executive at Binance stated, "Wherever CZ goes, she goes."