Yesterday afternoon, news outlet TheBlockCrypto reported that Binance’s Shanghai office had to close its doors abruptly after a police raid. They also write that employees were forced to move to Singapore to continue working from there. According to the article, Changpeng Zhao, the CEO of Binance, is one of them. CZ denies in all earth.
Local police raided
Sources from TheBlock say that the Shanghai office of Binance was recently attacked by the local police. Many managers and no fewer than a hundred other employees would work here at the office. The office is one of many, because officially the head office of Binance is in Malta.
Journalists from TheBlock asked for a response from Binance, but the spokesperson for the crypto exchange denied the police raid and said that Binance has no permanent office in Shanghai at all.
“We have no entities in China, most of us work remotely in China.” The Block disagrees and claims to have seen photos of the office.
No, there was no raid
CZ denies and goes full attack. In a series of tweets, he clearly stated that he did not agree with the article by TheBlock. The article was hidden behind a payment wall, but after all the fuss about the legitimacy of the content, TheBlock decided to offer the article for free.
He starts by invalidating TheBlock.
No police, no raid, no office. Hope you didn’t pay to read that FUD block. pic.twitter.com/W2msvY2hSA
– CZ Binance (@cz_binance) November 22, 2019
Then the discussion degenerated into a welles / stapus game about the police raid.
No standing by that there was “a police raid”? WTF man! https://t.co/Qi1trHuIpI
– CZ Binance (@cz_binance) November 22, 2019
And also the fact whether or not they have an office in Shanghai has become a semantic discussion.
– CZ Binance (@cz_binance) November 22, 2019
Other Chinese exchanges are mentioned in TheBlock’s article, which have no problems. CZ does not trust that:
Interestingly, I know for a fact two of these four exchanges that actually have offices in China is paying news outlets and KOLs to spread FUD about Binance. And not thinking through if China is to shut down any offices, it would be themselves. https://t.co/4pjlljyNR5
– CZ Binance (@cz_binance) November 22, 2019
– CZ Binance (@cz_binance) November 22, 2019
Despite the whole storm of criticism, TheBlock protects the journalists and the sources who have worked on the article. They even go so far as to offer this article for free.
In spite of other outlets uncritically reporting Binance’s official line on the matter, The Block stands by our sources and reporting that Binance’s Shanghai office was shut down.
In the name of transparency, we’ve unpaywalled the article. Http: //t.co/qKX7zyq73A
– The Block (@TheBlock__) November 21, 2019
Dovey Wan is one of the most important women to follow on Twitter if you want to stay up to date with all the news from China. She is also making a contribution. She says that the Chinese government has labeled 39 crypto companies as illegal. A good thing according to Dovey Wan and CZ, because she says that Shenzhen is known for illegal crypto companies. And all these 39 companies are located in this metropolis.
This is actually a very good thing to do, cleaning up the industry or scammers and fraudsters.
But wait for the “police raided” xyz headlines. https://t.co/JFku7W2fy7
– CZ Binance (@cz_binance) November 22, 2019
How did the rate react?
You can never say with 100 percent certainty that this news has influenced the price. But we are talking about potentially very bad news about the largest cryptocurrency exchange in the world. This ensures Fear, Uncertainty and Doubt (FUD) on the market. The rate did not respond positively in any case.
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