So, it appears that the alleged shutdown of the Shanghai office of Binance was actually fake news.
The original story was featured in a fairly popular cryptocurrency news blog called The Block.
The story alleged that the Chinese government had raided The Shanghai offices of the largest and most popular cryptocurrency exchange, Binance, due to a government crackdown on crypto companies happening nationwide.
Many believe this piece of news triggered a market crash, causing Bitcoin’s price to nosedive from $8500 48 hours ago, all the way down to $6900 earlier today.
According to Changpeng Zhao, the CEO of Binance, denied the raid had happened and he hit back at The Block, calling the article “FUD”.
Zhao, known as ‘CZ’ to many in the crypto world, thinks that the article may have been written by a content creator who would have been paid to create negative press about Binance and that this is a very common tactic being employed by opponents of exchange giant.
The price of Bitcoin is back up to $7300 at the time writing.