The network reported that the Shanghai office of the Binance cryptocurrency exchange was closed by the police, and Binance employees had to move to Singapore or work remotely. The exchange denies these rumors.
Last week, it became known that the Shanghai authorities organized business inspections to detect illegal trade in cryptocurrencies. However, Binance denied the fact of the police search, specifying that the exchange does not have a registered office in Shanghai, and most of the exchange’s employees in China work as freelancers.
As Changpeng Zhao tweeted yesterday, offices and headquarters have lost relevance over time. However, in October, it was reported that in addition to the Shanghai office, Binance planned to open a new office in Beijing. Changpeng Zhao said that these rumors have nothing to do with reality.
Many cryptocurrency traders believe that it was the news of the closure of the Shanghai office by the Chinese police that influenced today’s fall of bitcoin below $7,500. Certainty in the market will come only after confirmation or refutation of this information.
Recall that in September, Changpeng Zhao shared his plans to open ten localized trading platforms over the next year, and in November called the news that the Chinese authorities want to legalize cryptocurrency exchanges disinformation.