Police Raid on Binance Offices in China Turned Out to Be False

Recent media reports of police raids at Binance's Chinese offices have been found to be untrue. Representatives of the crypto-exchange denied the information about the alleged raid of authorities and the subsequent closure of the company’s representative offices in Shanghai. In a conversation with the Cointelegraph, a Binance representative even stated that such offices do not exist at all:

“The 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.”

A company spokesman urged the media to check information from their sources more carefully, noting that there is an obvious increase in the number of negative publications regarding Binance in China.

However, rumors of a police raid managed to crash the cryptocurrency market significantly. Bitcoin fell sharply by 6% to $ 7,647 and is now on a steady path to the third consecutive week of decline while its fall continues.

In order to reassure the alarmed crypto community, Binance announced that the exchange is focusing on creating its blockchain and cryptocurrency ecosystems and that it “will work closely with any government to protect users and grow the blockchain industry.”

Also today, the Binance.US service, which is focused on the American market, announced the first results of a partnership with the brokerage firm Tagomi. Binance.US will offer institutional liquidity to the users of Tagomi, including individual retirement accounts, venture capital funds and family offices.