It's based in Hong Kong actually, which has different laws and regulations from China, but still is under the influence of China in some ways.

My recommendation is to keep funds in your wallet. Then when you're ready to trade, temporarily move to exchange, then move back into wallet. This is why withdrawal fees are such a big deal, because moving it back into wallets gets expensive.

From my perspective, my funds have about as much chance to be seized on a US exchange (due to new regulations) like Bittrex as they are on Binance. I trust neither. If you look for reviews on Binance though it's pretty much all positive.