Binance Refutes any Rumors of Police Raid on Its Shanghai Office

| Updated
by Bhushan Akolkar · 3 min read
Binance Refutes any Rumors of Police Raid on Its Shanghai Office
Photo: Pixabay

Binance founder and CEO Changpeng Zhao alleged that the Chinese media has been spreading false reports of police raid thereby creating FUD.

The rumor in the air has been that Binance has shutdown its Shanghai following a police raid. On Thursday, November 23, several online publications including CoinSpeaker reported that Binance has relocated its 100-member Shanghai team to other offices in Singapore.

The report also states that Binance has planned to shut down its Shanghai office completely. Furthermore, it added that Binance CEO and founder Changpeng Zhao and the company’s Chief Marketing Officer (CMO) Yi He, have already moved to Singapore.

But it a word with CoinTelegraph later, a Binance spokesperson refuted all the claims and media reports. He said that any police raid on Binance’s Shanghai office actually did not happen. The spokesperson added:

“The Binance team is a global movement consisting of people working in a decentralized manner wherever they are in the world. Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down.”

In fact, the Binance CEO Changpeng Zhao has even gone out to tweet about this matter.

The spokesperson alleged that the Chinese media has been targetting the crypto exchange recently. He also mentioned that there’s been “a recent spike in the number of negative articles and activities against Binance” in the country.

Adding to the company statement, Changpeng Zhao said:

“Interestingly, I know for a fact two of these four exchanges that actually have offices in China is paying news outlets and KOLs to spread FUD about Binance. And not thinking through if China is to shut down any offices, it would be themselves”.

Zhao message arrived in response to a user saying that there are still a few exchanges like Kucoin, Huobi and others physically operating in China based upon their “interest alignment with the government officials”.

One of the users also questioned Binance’s frequent shifting of offices in the last few years. Responding to it Zhao tweeted:

The Chinese government has been dealing strictly with companies involved in crypto operations ever since its ban in 2017. On the other hand, Binance has managed to swiftly move its operations and expand its services over the last two years. Binance is currently one of the top-ranking exchanges in terms of trading volume, in the world.

Moreover, the exchange is working on its geographical expansion rather actively these days. Let us just remind you that Binance has recently entered the U.S. crypto market launching its regulatory-compliant exchange there.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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