Binance CEO Dismisses FUD Reports About Police Raid

Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance, recently trashed the news reports about a police raid on the company’s Shanghai offices. He said that the reports were “pure FUD.”

Speaking against raid reports
Zhao, also known as CZ, vehemently denied reports that the Chinese authorities cracked down on the company’s Shanghai office. He claimed that the company doesn’t have an office in Shanghai and the reports are a part of a smear campaign against the company. Note that Binance originated in China but has since moved its offices to Malta, where it is subjected to a more supportive crypto regime.

On Thursday, The Block shared an article detailing how the company’s office in Shanghai had been shuttered after a police raid. It said that the office had 50-100 employees who do not have a work location anymore. CZ responded to the article on Twitter and trashed all the reports. He said that the company’s rivals are paying for this targeted smear campaign.

The Block published the response from a Binance spokesperson who said that the company doesn’t have a “fixed office in Shanghai,” adding, “We don’t have entities in China, most of us work remotely in China.” However, it said that the claims from the company seem bizarre since they had seen pictures of the office. It still stands strongly with its claim.

The mysterious Binance office
Since the news of the raids became public, the crypto community is less focused on the reason behind a raid. Instead, the focal point of the conversation is the existence of such an office. The Block’s lead researcher Larry Cermark said that the publication could not be 100% certain about a police raid, but the official stance has not changed yet. Moreover, it has made no edits or changes to its original post.

There is dubious evidence on both sides of the argument. For instance, Matthew Graham, the CEO of Sino Global Capital, said that Binance had an office in Shanghai, but it was dissolved in July last year. CZ suggests that the report is “pure FUD” but didn’t give much information about the company’s activity in China’s financial capital.

Read more at: https://coinspace.com/news/global/binance-ceo-dismisses-reports-police-raid-its-shanghai-offices