Binance Refutes Media Reports that Police Raided Its Shanghai Offices

Recent reports that Chinese officials have raided the offices of major crypto exchange Binance are quite bogus. 

On November 21, a Binance representative disproved media reports that Chinese police had raided and then closed down the exchange’s Shanghai offices. Moreover, the representative expressed that no such workplaces 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.”

The representative also expressed that Binance is being targeted in the local media, including that there has been “a recent spike in the number of negative articles and activities against Binance” in the nation. Binance added:

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

The exchange stated that it is focusing on building its blockchain and digital currency ecosystems, and that it would “work closely with any government to protect users and grow the blockchain industry.”

The rumors about a police raid and shutting down of Binance’s offices resulted in a sharp drop in digital currency prices, which at the time of writing are still witnessing a significant decrease.

Among the globe’s most active digital currency exchanges, Binance is a tycoon. With a present 24-hour trading volume of more than $1 billion, the exchange is the second-biggest in the world.

On the other hand, Binance.US revealed that it would offer liquidity to crypto business firm Tagomi following a new collaboration. Binance.US stated that it will now provide institutional liquidity for Tagomi’s clients, including quant funds, family offices, venture funds, individual retirement accounts, and high-net-worth individuals.