An operator of the world’s largest crypto exchange Binance Holdings Ltd. said it doesn’t have any offices in Shanghai or China amid rumours that police raided the facilities in the city.
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A spokesperson of Malta-based Binance said that they don’t have an office in Shanghai and that any reports of a police raid are false.
As to a co-founder of Coin Metrics Nic Carter this speculation, being spread on Twitter, is the party responsible for BTC’s drop of as much as 8.4% Thursday.
Bitcoin broke below $8,000 Thursday for the first time in nearly a month as its seven-day sell-off continued. The coin also slipped beyond its 200-day moving average line, an event considered to be a sell signal by some analysts.
While China, as recently as last month, said it may start to adopt the blockchain technology that supports cryptocurrencies, it has since taken steps to curb trading. Watchdogs in Shanghai, for instance, issued notices calling for a cleanup of companies involved in trading of digital assets, while one in Beijing warned against illegal exchange operations.
The spokesperson stated that Binance doesn’t have offices in China, and its team works from home, cafes or out of WeWork.
CEO of the corporation Zhao Changpeng commented on this:
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No police, no raid, no office. Hope you didn’t pay to read that FUD block. pic.twitter.com/W2msvY2hSA
— CZ Binance (@cz_binance) November 22, 2019