Earlier several reports claimed that local authorities raided Binance’s Shanghai office. However, the Malta-based exchange clarified that Binance is being targeted by Chinese media, and there has been a spike in the number of negative articles and activities against Binance.
Binance claims they are being targeted.
Binance is among the largest crypto exchanges in the world right now, with a 24-hour trading volume of over $1 billion. A Binance spokesperson told Cointelegraph that they are being targeted in the Chinese media, and there has been a spike in the number of negative articles about them. Binance CEO also tweeted and denied of such raids and called it FUD. Earlier, it was also rumored that Malta-based crypto exchange is planing to open an office in Beijing.
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
The rumors of police raids were accompanied by a sharp drop in the cryptocurrency market. Bitcoin fell below $7,500, which is more than 5% down.
Bithumb also quashes reports of raids.
Along with Binance, Bithumb also denied reports of police raids at its Shanghai office. A spokesperson from the company told The Block that the recent reports of a police raid and closure of the exchange’s Shanghai offices are not real, and its Shanghai team is operating steadily.
Earlier, Chinese media reportedly wrote that the Bithumb had told its employees to take a long vacation without any details and without telling them when to return. However, Bithumb has denied such reports.