Binance CEO Refutes the Block, Saying “There Was No Raid”

By Mark Lemon - Cryptocurrency Dealer

Changpeng Zhao, CEO of Binance, refutes claims from The Block saying that his company's operations in Shanghai were raided and ultimately shut down by the police. Zhao knows that he can file a lawsuit against the crypto new site, but says that doing so could be "too much trouble for now."

Negative news such as this could cause users to sell crypto in uncertainty which could have impacted the price of Binance Coin (BNB). 

The New York-based media outlet The Block recently published the article on Thursday that set the Twitter crypto universe ablaze. The article reported between 50 to 100 employees situated in Shanghai, especially the higher tier members were forced to either relocate to neighboring Singapore or work remotely.

But in a surprising turn of events, Binance appears to claim that they don't have an office in Shanghai. As a matter of fact, the Chinese crypto exchange's CFO and CEO were quite stern that such a location doesn't exist. Hours after this news came to light, The Block began to back away a little bit.

The chief executive of Binance took about eight hours to respond to the controversy, perhaps due to the time difference in Zhao's location. Upon doing so, Zhao heavily lashed out against such claims and denied the current existence of any office in Shanghai. Zhao says that it has been over two years since the Shanghai Binance office existed.

It appears there will be no interference and you will still be able to buy and sell Bitcoin and other cryptocurrencies on one of the most popular exchanges.

Once that confusion was cleared, CZ unleashed quite the offensive move. The CEO shared an image depicting how Chinese-based exchanges pay 12-man teams to write anything negative about Binance. These negative posts are used to drive users away from Binance and encourage them to buy and sell cryptocurrency on other exchanges based in China. It is possible that anyone from these 12 teams could have been the source for The Block’s article.

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