Home News Unconfirmed Report: Binance Shanghai Offices Raided, Shuttered by Authorities

Unconfirmed Report: Binance Shanghai Offices Raided, Shuttered by Authorities

TL;DR: In a paywalled report, The Block cited unnamed sources claiming major cryptocurrency exchange Binance was raided at its Shanghai offices. At press time, precious little is known of the actual facts, and the exchange has thus far not provided comment to CoinSpice.

Binance Shanghai Offices Raided, Shuttered by Authorities

Binance is considered among the cryptocurrency ecosystem’s top unicorns. Positive, expansive news about the exchange is seemingly never-ending, and the company’s global reach is nothing short of jaw-dropping. From its industry haven headquarters in Malta to its opening of trading in the US, Turkey, and India, the exchange is everywhere.

It’s mainland Shanghai offices were an oddity in a country with a government not known for its fondness of crypto speculation. However, in recent weeks China has turned a real corner, if state-media accounts are to be believed, refashioning any cryptocurrency emphasis into a fever for blockchain technology. It has even drawn praise from President Xi.

Binance
An early WeChat picture of Binance staffers.

Late last month, there was talk of Binance opening offices near the government’s heart, Beijing. Officially, however, the exchange has refused to acknowledge offices in China, period, and appeared to tread lightly along a very politically sensitive subject. Nevertheless, the Shanghai outpost was said to have upwards of 50 employees prior to the rumored raid and closing.

Cryptocurrency markets have taken the rumors hard, dropping precipitously. No top-ten coin by capitalization is in positive territory price-wise over the last 24 hours.

Binance

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DISCLOSURE: The author holds cryptocurrency as part of his financial portfolio, including BCH.