Binance has reportedly closed its Shanghai office, where over 100 staff, including senior management, were employed, following a raid by Chinese law enforcement, according to sources cited by The Block.
Binance Denies Office Raid
Binance has moved to deny reports of the raid after CEO and Founder Changpeng Zhao tweeted just yesterday that offices are an outdated and antiquated concept. However, Chinese authorities recently issued a notice to the public directing individuals to report businesses engaged in virtual asset trading to the country’s central bank, the People’s Bank of China, which is also headquartered in Shanghai. …
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