<span style="font-weight: 400">Recent reports currently suggest that the world’s largest cryptocurrency exchanges by trading volume, Binance, has had its Shanghai office closed. This has  caused its many staff members to either work remotely or even completely abandon China and move to Singapore. According to sources familiar with the matter as, there is currently no fully functioning Binance Shanghai anymore.</span>

<span style="font-weight: 400">Moreover, as per the report, the police in the area also raided<a href="https://www.cryptoknowmics.com/crypto/binance-to-advice-ukraine-on-cryptocurrency-legal-status/"> Binance</a> offices, for unknown reasons. As such, the office which used to have some of Binance’s most senior management staff, no longer houses them. Currently, over 100 employees who used to work out of Shanghai have now been scattered. Additionally, Binance CEO Changpeng “CZ” Zhao and Chief Marketing Officer (CMO) Yi He, have both moved to Singapore already.</span>

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<h2><strong>Shanghai Crypto Crackdown</strong></h2>
<span style="font-weight: 400">In addition, the purported raid follows a crackdown on cryptocurrency-related businesses and activities in China. Recently, financial authorities in China released a notice to the public. It directing the residents to report businesses engaged in virtual asset trading to the Shanghai headquarters of the People's Bank of China; the country’s central bank. These activities include:</span>

<i>“Virtual currency transactions in the territory; the other is to issue ‘xx coins’ and ‘xx’ in the form of ‘blockchain application scenarios.’  Currency, fundraising or bitcoin, virtual currency such as Ethereum; third, providing services such as publicity, diversion, agency trading, etc. for registered ICO projects, virtual currency trading platforms, etc.” </i>

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<h2><strong>Cryptocurrencies are Outlawed in China</strong></h2>
<span style="font-weight: 400">Furthermore, despite China being one of the most active crypto markets, cryptocurrencies still remain outlawed. Chinese financial news platform Caixin recently </span><a href="http://finance.caixin.com/2019-11-15/101483968.html"><span style="font-weight: 400">reported </span></a><span style="font-weight: 400">that the Shanghai headquarters of the People’s Bank of China (PBoC); issued a joint order with the Shanghai Municipal Financial Regulatory Bureau; for Shanghai district administrative offices do a compulsory inspection of all crypto-related businesses in their respective districts. The aim was reportedly to smoke out all such businesses that do any activity with any assets from non-Chinese initial coin offerings (ICO); and to eventually close them.</span>

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Binance Shanghai Offices Shut Down in Crypto Crackdown

Recent reports currently suggest that the world’s largest cryptocurrency exchanges by trading volume, Binance, has had its Shanghai office closed...%

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Binance Shanghai Offices Shut Down in Crypto Crackdown

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