On Nov. 21, crypto industry publication The Block released a story entitled “Binance’s Shanghai office shut down following police raid, sources say.” The article quickly blew up on Twitter, with some going as far as to suggest that it contributed to the recent collapse of the Bitcoin price, which now sits at $7,250 as of the time of writing this.
Though, Binance is pushing back. The company’s C-level executives, press relations team, and supporters assert that the story is “pure FUD,” which, for those unaware, stands for fear, uncertainty, doubt. In fact, Changpeng Zhao, the chief executive of Binance, has recently said that Binance will be suing The Block. For what, though, isn’t clear.
First pay-walled under The Block’s “Daily” subscription, the now-controversial article claimed that “several sources close to the matter” said that Binance’s Shanghai location, “abruptly closed its doors in recent weeks.” The version of the article with the updated headline—which was released to the public, not pay-walled—didn’t cite a reason, though the original iteration’s headline insinuated that a “police raid” contributed to the shutdown of the office.
As aforementioned, the piece was subject to an immediate backlash from individuals like Wei Zhou, the CFO of Binance, and community members. Zhou claimed that there was no raid as there is no Binance Shanghai location... Read More...