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Binance has denied recent reports that police raided its offices in Shanghai, stating that indeed, it has no offices in the city.
Recent reports that Chinese authorities have raided the offices of leading cryptocurrency exchange Binance, are actually quite false.Ā
Speaking to Cointelegraph on Nov. 21, a Binance spokesperson refuted media reports that Chinese police had raided and subsequently shut down the exchangeās Shanghai offices. Furthermore, the spokesperson stated that no such offices even exist:
āThe Binance team is a global movement consisting of people working in a decentralized manner wherever they are in the world. Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down.ā
Negative media agenda in China
The spokesperson also stated that Binance is being targeted in the Chinese media, adding that there has been āa recent spike in the number of negative articles and activities against Binanceā in the country. Binance further said:
āWe also encourage our friends from the media to verify if their "sources" are telling the truth or presenting their own agenda.ā
The exchange said that it is concentrating on building its blockchain and cryptocurrency ecosystems, and that it would āwork closely with any government to protect users and grow the blockchain industry.ā
Markets fall amid reports
As Cointelegraph reported earlier today, the rumors of a police raid and closure of Binanceās offices were accompanied by a sharp drop in cryptocurrency prices, which at press time are still seeing notable losses.Ā
Among the worldās active cryptocurrency exchanges, Binance is a behemoth. With a current 24-hour trading volume just over $1 billion, the exchange is the second-largest in the world, according to data from Coin360.Ā
Earlier today,Ā Binanceās United States-targeted service Binance.US announced that it will provide liquidity to crypto brokerage firm Tagomi following a new partnership. Binance.US said that it will now offer institutional liquidity for Tagomiās users, including quant funds, venture funds, family offices, individual retirement accounts and high-net-worth individuals.
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