A story written by the blockchain publication The Block blew up on Twitter, after it said Binance had been raided by police with staff members forced to relocate.

Crypto Twitter went into a fevered state after Changpeng Zhao (CZ), CEO of Binance, responded by claiming: “Binance hasn’t had an office in Shanghai for more than two years.”

Zhao didn’t stop there, unleashing a verbal assault against media sources for repeated attacks and negative content on the exchange. Most stories he said were a FUD and that he knows Chinese exchanges are behind them. He also tweeted with regards to The Block, saying, “We will be suing”.

The Block tweeted back saying:

“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.” Many people were behind this Tweet and voiced their support.

So, does Binance have an office in Shanghai? Well, recent events on Twitter has suggested yes, as OkEx’s Jay Hao laid out all the evidence that shows the heightened possibility. 

The tweets from Hao came after @truthurtm published a thread  (retweeted by CZ) which accused OKEx of conducting the smear campaign and writing fake news on Binance.

Hao was displeased with this assessment and said Binance were paying people to support them and then began pointing out the evidence that Binance does in fact have an office in Shanghai.

The best evidence came from a CoinDesk article which talks about an office in Shanghai in the article. The  headline which read, “Binance Said to Plan Beijing Office Amid China’s Renewed Blockchain Push”has reference to a Binance office in Shanghai. To quote the article, it said: “the new outpost will join Binance’s current mainland China office in Shanghai.”

Hao mentioned another article from Chinese site, Caijing.com which showed actual photos of the Shanghai office, with staff wearing Binance hoodies on October 29th. He also claimed the journalist returned only to find the office empty.

Local Shanghai TV also reported on the Binance office closure. In their report they said  the office shut down was inhabited by BABI Finance, a sub-company related to Binance. 

Binance just one of many exchanges feeling Chinese pressure

China has long been skeptical about cryptocurrencies and the exchanges and a police raid and closure would buck a nationwide trend. Reports have suggested that 39 exchanges in Shenzhen have been flagged for defying the crypto ban.

Furthermore, it is not like Binance is in the good books of the Chinese authorities anyway.  Binance and Tron both had their Weibo accounts closed. The reason? Binace is said to be supporting the Hong Kong protests.

So do Binance have an office in Shanghai? Is CZ just trying to deflect attention away from his company’s China issues? Let us know in the comments.

Binance is on the move and is apparently set to leave its adopted home of Malta. One of the largest cryptocurrency exchanges, Binance, has been in Malta since 2018, but now it seems the company is moving to France. 

Since the exchange was banned in its home of China, the headquarters have been in Malta. The island which was dubbed, ‘the blockchain island’ has long been known for its open regulations towards the industry.

The Malta government released three bills in June 2018, which established a framework for the industry. It gave guidelines for initial coin offerings (ICOs), exchanges and other aspects of the industry. 

It was these laws by the Malta government, that prompted Binance’s decision to move to Malta, along with other major exchanges like OkEx. However, the rumored new regulations have made Binance think of moving once again. 

The rumor comes from sources close to Binance who have claimed that the exchange does not plan to comply or sign the Malta VFA license. Instead they will look to attempt to sign a French license instead. What this means for the over 30 staff members at Binance in Malta is unclear. It may be that Malta turns into a European customer service hub. 

Binance also has exchanges in Liechtenstein and Singapore, along with offices in many other parts of the world. Malta is meant to be Binance’s pathway to Europe, but it appears the group now sees the major European nation of France as the best way.

However, it appears that much of the regulation for France and Malta depends on the European Union (EU). The European commission still needs to pass Malta’s framework, which would also be a similar case for France. 

This would ultimately mean that the sources initial rationale would not make much sense. Could Binance be unwilling to sign the license due to other reasons? Perhaps Binance and Malta regulators have been butting heads or a political issue may have arisen. 

Binance have often had controversies in the past. Claims of plagiarism and Binance JEX issues have made them less than perfect and this could cause a problem between themselves and Malta. 

This is all speculation, but it clearly there are whispers that Binance is on the move and may not be happy in their Malta home.