[NEWS] Binance Shanghai Office Reportedly Shut Down after Local Police Raid

[bbc.reporter]

How many other exchanges are presently trading cryptocoins in China? Withdraw your coins to your wallets. I speculate that if this is true, Binance's raid might be the real beginning of China's inquisition on the cryptospace.


image from newlogical.com

Recent reports currently suggest that one of the world’s largest cryptocurrency exchanges, Binance, has had its Shanghai office shutdown causing its many staff members to either work remotely or even completely abandon China and move to Singapore. According to sources familiar with the matter as cited by The Block, there is currently no fully functioning Binance Shanghai anymore.

The cited sources have also added that the office was recently raided by police in the area, for unknown reasons. As such, the office which used to have some of Binance’s most senior management staff, no longer houses them. Today, more than 100 employees who used to work out of Shanghai have now been scattered. It is also said that Binance CEO Changpeng “CZ” Zhao as well as Chief Marketing Officer (CMO) Yi He, have both moved to Singapore already.

The Block has noted that a Binance spokesperson rebuffed news about the raid, stating there is really no China office:

“We don’t have entities in China, most of us work remotely in China.”

Regardless, the spokesperson’s comments seem to run against the existence of certain pictures of a Chinese office that has been seen by The Block, with staff members actually working. If the incident is true, an interesting tweet from CZ about a month ago may have suggested something like this might happen. CZ tweeted that offices are “old concepts”, probably meaning that Binance might also fall in line.

Read in full https://www.coinspeaker.com/binance-shanghai-shut-down/

[Hallmader]

Provided this news is completely true, this should be a harsh reminder to all exchanges and cryptocurrency companies to beware of China. This country is a wolf covered with a sheep's clothing. They should not trust the country immediately after a vague statement of support to blockchain. That was not after all a statement for cryptocurrency or Bitcoin. 

[Strongkored]

After reading at the cointelegraph Binance denied the news and so did a large Korean exchange Bithumb

bithumb quashes shanghai office closure rumors after binance denial.

I think why Bithumb spoke up on this rumors because they thought rumors like this could have an impact on their service.

[dunfida]

After reading at the cointelegraph Binance denied the news and so did a large Korean exchange Bithumb

bithumb quashes shanghai office closure rumors after binance denial.

I think why Bithumb spoke up on this rumors because they thought rumors like this could have an impact on their service.

Of course, any rumors would have significant impact into their service.I thought this news was true about the raid up and thanks for sharing up yet i wasnt expecting that it turns out to be a false news instead.It did really affect he market as we all know that even how simple it is but if it do connects on big exchange or players of this market would really have high chances of negative effects.

It not too obvious that they do really try make the price down.

[estenity]

these two tweets of Dovey Wan who has a good knowlege of china

https://twitter.com/DoveyWan/status/1197950660177612801

In 2017 when similar announcement is made, BTCC and Yunbi got shut down but this time
1. They can’t shut down Binance
2. Huobi and Okex are regulatory “vaccinated”
3. Derivatives ex like Bitmex is more liquid than spot
So the material impact will be much less than 9/4 2017

https://twitter.com/DoveyWan/status/1198088250738368512

My general feeling this time is much less intense than 2017 9/4 (tho no one was attested back then) 2 yrs ago apart of 2 biggest exchanges BTCC and Yunbi shutting down, all other remaining exchanges banned from withdrawal for 6-8 months + direct fiat gateway all banned forever

[Strongkored]

-snip-

It did really affect he market as we all know that even how simple it is but if it do connects on big exchange or players of this market would really have high chances of negative effects.

It not too obvious that they do really try make the price down.

Every good news or a bad news come traders think that's time to make decision sell or buy, plus panic traders make price down rapidly.

-snip-

My general feeling this time is much less intense than 2017 9/4 (tho no one was attested back then) 2 yrs ago apart of 2 biggest exchanges BTCC and Yunbi shutting down, all other remaining exchanges banned from withdrawal for 6-8 months + direct fiat gateway all banned forever

They try to repeated the history, but Chinese crypto expert has learn from the past and try not do the same mistake.

[Casdinyard]

After reading at the cointelegraph Binance denied the news and so did a large Korean exchange Bithumb

bithumb quashes shanghai office closure rumors after binance denial.

I think why Bithumb spoke up on this rumors because they thought rumors like this could have an impact on their service.

Of course, any rumors would have significant impact into their service.I thought this news was true about the raid up and thanks for sharing up yet i wasnt expecting that it turns out to be a false news instead.It did really affect he market as we all know that even how simple it is but if it do connects on big exchange or players of this market would really have high chances of negative effects.

It not too obvious that they do really try make the price down.

Erff, I'm about to believe about this news and thinking this could be the reason of sudden dump but it seems many got alarmed more than those who hold.

Okay, so what's up with this fake news? Why they spread this to think people could still find out that it's just a fake. They just messing their selves, really.

[jossiel]

Now, The Block will be sued by CZ for spreading false information and there's no raid on their office in Shanghai. If this was the reason why the market crashed, well, it really did damaged the market so Binance's reputation.

https://bitcoinist.com/binance-to-sue-the-block-for-damaging-the-exchanges-reputation

[bbc.reporter]

After reading at the cointelegraph Binance denied the news and so did a large Korean exchange Bithumb

bithumb quashes shanghai office closure rumors after binance denial.

I think why Bithumb spoke up on this rumors because they thought rumors like this could have an impact on their service.

Of course, any rumors would have significant impact into their service.I thought this news was true about the raid up and thanks for sharing up yet i wasnt expecting that it turns out to be a false news instead.It did really affect he market as we all know that even how simple it is but if it do connects on big exchange or players of this market would really have high chances of negative effects.

It not too obvious that they do really try make the price down.

Erff, I'm about to believe about this news and thinking this could be the reason of sudden dump but it seems many got alarmed more than those who hold.

Okay, so what's up with this fake news? Why they spread this to think people could still find out that it's just a fake. They just messing their selves, really.

It was not fake news. It was another example of bitcoin journalists creating clickbait titles and sensationalized  stories to attract more readers. The Block have retracted the word raid from the title and have updated their article.

Also, Block was not wrong about Binance and their offices in Shanghai that were visited by the authorities. Yes they had 2 offices. However, the damage is done.

Source https://www.theblockcrypto.com/post/48112/setting-the-record-straight-on-our-binance-reporting

[Hamphser]

After reading at the cointelegraph Binance denied the news and so did a large Korean exchange Bithumb

bithumb quashes shanghai office closure rumors after binance denial.

I think why Bithumb spoke up on this rumors because they thought rumors like this could have an impact on their service.

Just what i thought chinese people were up to something making some false alarm news. Somehow this kind of rumors will create a fud to those weak hands who never seek for the truth. I have always this suspicion that chinese people were up to something when there's an opportunity they start to create a massive fake news and it almost looks like a group of syndicate in the crypto sphere.

[fratoshi]

I think the raid was real, i listen to Chico Crypto youtube channel, and he said that Cz controls the western media but not in China, and he is slowly been kicked out of China, also there been some news like their Weibo account suspended.

Chico Crypto also shows the Block article and there are some pictures of the offices, i don't believe Chico 100% but i think there is something going on and Cz is hiding it out.

I think that Binance had an office in Shanghai but incorporated under another name, so Cz can say that Binance did not got kick out of China, but the other company they own.

Anyways, exchanges are Shady, they do what they want, incorporate here, then move over there, scam here and scam there, they also run several scams all together.

[estenity]

confusion reigns ?
new tweet of dovey wan:

https://twitter.com/DoveyWan/status/1198621674582626305

[bbc.reporter]

@estenity. It might be connected to Chinese regulators' visits to Binance's offices. Binance might have decided to leave and chosen to continue listing any cryptocoin they want than stay under the control of China.

If not fud, I reckon any exchange left in China will die because of regulatory strangulation.

[estenity]

@estenity. It might be connected to Chinese regulators' visits to Binance's offices. Binance might have decided to leave and chosen to continue listing any cryptocoin they want than stay under the control of China.

If not fud, I reckon any exchange left in China will die because of regulatory strangulation.

for sure !
but an hypothesis may be that this "strangulation" is done shortly before issuing a state crypto.

[fratoshi]

Today i saw a news that was transmitted on the Chinese Tv, it was in Chinese so i did not get anything they talk about but it was about the Raid on Binance offices in Shanghai,

Then today the CEO of OKEX send some tweets to Binance CEO Cz,

Its full rage on twitter at the moment, there are many rumors and other has joined to the FUD like the BSV team.

I see Crypto full of toxicity and is going now to the highest levels with the CEO's of mayor exchanges calling each others scammers, fraudsters and lyers,
So, why this toxic behavior?
Why they cannot live in peace?

[crwth]

I'm just wondering why they would do that in an office? I don't think local police would raid in and for what? It's just not right. Upon research. It's not just Binance in China is with this kind of rumor, also Bithumb [1]

It was thought that this caused the selling of BTC on the recent days, and BTC having a 5% Change in price. Maybe it's a ploy to buy more of BTC continuously.

FYI. There's an update in the article for whoever would reread it. I can't open the link though, so I haven't read it yet.

[1] - https://cointelegraph.com/news/bithumb-quashes-shanghai-office-closure-rumors-after-binance-denial/amp

[fratoshi]

I'm just wondering why they would do that in an office? I don't think local police would raid in and for what? It's just not right. Upon research. It's not just Binance in China is with this kind of rumor, also Bithumb [1]

It was thought that this caused the selling of BTC on the recent days, and BTC having a 5% Change in price. Maybe it's a ploy to buy more of BTC continuously.

FYI. There's an update in the article for whoever would reread it. I can't open the link though, so I haven't read it yet.

[1] - https://cointelegraph.com/news/bithumb-quashes-shanghai-office-closure-rumors-after-binance-denial/amp

They must be outsourcing to hire people on cheap countries.

China min wage is $ 322
Malta min wage is 761.97 EUR

Very obvious what Binance and other shady exchanges are doing

[crwth]

They must be outsourcing to hire people on cheap countries.

It’s a common practice for companies to hire people who are cheaper compared to their place of origin. A lot of they reside in another country and be handled in BPO companies.

Very obvious what Binance and other shady exchanges are doing

Outsourcing doesn't mean there are already shady actions. What's wrong with the cutting of expenses?

[fratoshi]

Outsourcing doesn't mean there are already shady actions. What's wrong with the cutting of expenses?

Yes, and i understand your point,

But the whole point here is if Cz lied when he said that Binance had no office in Shangai,
So let say it was not directly Binance, it was an office from an outsource company owned by someone else, but the workers are doing work for Binance.
Example, someone from Binance form a company in China, give a different name, and hire workers, to work for Binance, doing support, social media, marketing, who knows.
We already seen evidence, on Chinese Tv, not only that article from The Block.
And i am sure that China has laws to protect their citizens from exploitation from foreign companies.

[bbc.reporter]

Outsourcing doesn't mean there are already shady actions. What's wrong with the cutting of expenses?

Yes, and i understand your point,

But the whole point here is if Cz lied when he said that Binance had no office in Shangai,
So let say it was not directly Binance, it was an office from an outsource company owned by someone else, but the workers are doing work for Binance.
Example, someone from Binance form a company in China, give a different name, and hire workers, to work for Binance, doing support, social media, marketing, who knows.
We already seen evidence, on Chinese Tv, not only that article from The Block.
And i am sure that China has laws to protect their citizens from exploitation from foreign companies.

I reckon Binance and the Block have bended the truth to serve their own needs. Binance wanted to protect itself from FUD while the Block wanted to publish a clickbait article for more clicks hehehe.