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Rumors of Binance Office Raid Confirmed False by CEO Changpeng Zhao

November 25, 2019

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Rumors of Binance Office Raid Confirmed False by CEO Changpeng Zhao

Popular cryptocurrency exchange, Binance, have now confirmed that the rumors of them being raided by police are false. According to Changpeng Zhao, CEO of Binance, they don’t even have any fixed offices in Shanghai or China.

“No police, no raid, no office. Hope you didn’t pay to read
that FUD block.” Said Zhao in a recent tweet.

Popular cryptocurrency content creator, Boxmining, also backed up the false claims by saying:

“Raided Chinese Exchanges are based in Shenzhen who
explicitly dealt with CHINESE customers & involved ponzies. Binance and
Bithumb were NOT raided.”

Unfortunately, it seems this news spread fast and speculators believe this may have been apart of the recent Bitcoin and altcoin drop in price. On Thursday, BTC dropped 8.4% after the release, making it hard to argue that this FUD was the cause.

The cryptocurrency space is filled with people and companies that can be manipulated by this type of FUD news; therefore this false information only hurts the very thing everyone is trying to build.

Although China’s recent support for cryptocurrencies and blockchain technology, it seems they still have their eyes on the trading of these digital assets.

Officials in Shanghai have issued notices which involved looking into companies that traded digital assets, while Beijing warned everyone about operating illegal exchanges.

A spokeswoman for Binance has stated that their employees
mostly work remote, from their homes, cafes, or WeWork, meaning they don’t have
offices in China.