Binance Denies Police Raids, Very Existence of Shanghai Offices

Published at: Nov. 21, 2019

Recent reports that Chinese authorities have raided the offices of leading cryptocurrency exchange Binance, are actually quite false. 

Speaking to Cointelegraph on Nov. 21, a Binance spokesperson refuted media reports that Chinese police had raided and subsequently shut down the exchange’s Shanghai offices. Furthermore, the spokesperson stated that no such offices even exist:

“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.”

Negative media agenda in China

The spokesperson also stated that Binance is being targeted in the Chinese media, adding that there has been “a recent spike in the number of negative articles and activities against Binance” in the country. Binance further said:

“We also encourage our friends from the media to verify if their "sources" are telling the truth or presenting their own agenda.”

The exchange said that it is concentrating on building its blockchain and cryptocurrency ecosystems, and that it would “work closely with any government to protect users and grow the blockchain industry.”

Markets fall amid reports

As Cointelegraph reported earlier today, the rumors of a police raid and closure of Binance’s offices were accompanied by a sharp drop in cryptocurrency prices, which at press time are still seeing notable losses. 

Among the world’s active cryptocurrency exchanges, Binance is a behemoth. With a current 24-hour trading volume just over $1 billion, the exchange is the second-largest in the world, according to data from Coin360. 

Earlier today,  Binance’s United States-targeted service Binance.US announced that it will provide liquidity to crypto brokerage firm Tagomi following a new partnership. Binance.US said that it will now offer institutional liquidity for Tagomi’s users, including quant funds, venture funds, family offices, individual retirement accounts and high-net-worth individuals.

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