You are here

Crypto bourse Binance says no China office amid raid rumours

AK_bns_2211.jpg
Binance Holdings Ltd, operator of one of the world's largest cryptocurrency exchanges, said it doesn't have any "fixed offices in Shanghai or China" amid rumours that police raided the facilities in the nation's biggest city.

[PORTLAND] Binance Holdings Ltd, operator of one of the world's largest cryptocurrency exchanges, said it doesn't have any "fixed offices in Shanghai or China" amid rumours that police raided the facilities in the nation's biggest city.

"Any reports of a police raid are false," a spokesman for Malta-based Binance said in an email. "We do not have an office in Shanghai."

The speculation, being spread on Twitter, is likely partly responsible for Bitcoin's drop of as much as 8.4 per cent on Thursday, according to Nic Carter, co-founder of researcher Coin Metrics.

Bitcoin broke below US$8,000 on Thursday for the first time in nearly a month as its seven-day selloff continued. The coin also slipped beyond its 200-day moving average line, an event considered to be a sell signal by some analysts.

sentifi.com

Market voices on:

While China as recently as last month said it may start to embrace 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.

Binance doesn't have offices in China, and its team - distributed through more than 40 countries - works from home, cafes or out of WeWork, the spokesman said.

CEO Zhao Changpeng said on Twitter there was "no police, no raid, no office".

BLOOMBERG