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.