Sources: Chinese police raid Binance’s Shanghai office
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Answer Sources: Chinese police raid Binance’s Shanghai office
Surprising news reports surfaced that police raided and closed the Binance platform’s Shanghai office, forcing employees to work remotely or move to neighboring countries like Singapore to continue working.
According to to source The office of the Binance platform was stormed by the local police of Shanghai, knowing that this office and the branch of the Binance platform includes executives in Binance and more than 100 other employees.
It should be noted that senior executives such as company CEO Changpeng Zhao and Yi He were part of the group that relocated to Singapore, according to the same source.
Yesterday, CZ tweeted that office and headquarters are outdated concepts and time is running out.
Read:Report: Binance intends to expand to South Korea
– James (@buytheirfear) November 21, 2019
Commenting on the incident, a spokesperson for the platform denied the Chinese police raid, saying that the platform did not have a “fixed office in Shanghai.”
The same speaker said:
We don’t have offices in China, most of us work remotely in China.
Binance’s denial of the existence of a Chinese office comes even though the source acknowledged seeing photos of the Chinese office as part of conversations with Binance representatives.
The Binance platform had intended to open a new office in Beijing in addition to its location in Shanghai, however, a Binance spokesperson denied the matter.
While in an interview with “Bloomberg”, “CZ” described Binance’s Beijing office as “a rumor.”
The news comes a few months after Binance showed its intention and ambition to return to the Chinese market.
However, the Chinese government was on the lookout and expressed a contradictory position between cryptocurrency trading and blockchain technology.
Although Chinese President Xi Jinping has publicly praised blockchain technology, and local governments such as Guangzhou have set up funds to support blockchain projects, the regulatory status of cryptocurrencies remains ambiguous.
Read:Bitcoin worth 52 million euros seized from drug dealer
Recently, the local government of Shanghai has pushed to crack down on crypto-related activities, including what we were told about in a previous thread:
China rewards users who report suspicious crypto projects
Read also:
Three Chinese companies set up a $1 billion investment fund for blockchain projects
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