Binance Refutes Shanghai Raid Reports

On November 21, at 18:52 (GMT + 3), The Block, citing unnamed sources, reported that Shanghai's Binance office was closed after a police raid. Amid a sharp drop in the bitcoin rate, this news hit like a bombshell.

Tech support on the cryptocurrency exchange tweeted that users should not believe the rumors. Binance does not have a fixed office in China and Shanghai, and its employees work remotely from different cities of the world.

Earlier, November 20, Changpeng Zhao told on his Twitter that the exchange has not had an office in Shanghai for two years.

However, this did not stop the rumors. Concerned Twitter users bombarded the CEO Binance asking who to trust - him or The Block.

Zhao said he would not comment on the rumors, as they simply feed the Internet trolls.

Notwithstanding the above, the official position of The Block remains the same. The creator of the magazine Mike Dudas wrote that, regardless of the Binance management position, their opinion remains the same.

The media believes in its sources and, in the name of justice, opens up wide access to reading the article (earlier it cost $3).

Not everyone at The Block is sure they are right. Larry Cermak, director of research, is less sanguine, saying the journalists repeatedly speak with sources who give contradictory comments.

Unlike Cermak, the director of Binance believes that the material is FUD, and is not afraid to defend the rights of the exchange in court. He says he knows two of the four exchanges with offices in China that regularly bribe the media to distribute FUD about Binance.

Well, the situation is ugly but interesting. We will watch its development and keep you informed.

Neironix analytic agency - the latest cryptocurrency news!