Binance has debunked a report that its Shanghai office containing around 50-100 top executives was raided by police, forcing the office to close down abruptly.
A report by The Block, which claimed Binance office was raided and forcefully closed down, got a shocking response from the exchange shortly after the publication.
Responding to the viral news, Binance told Coinness it has a guerrilla form of office with management and employees working in different locations across the globe.
In the response, Binance clarified that it has no physical office anywhere in China let alone Shanghai. The exchange revealed that its executives are not situated in a particular location.
Binance says it has a “decentralized groups of staff and offices” in different locations across the globe, and this makes it impossible for any police to close its office down.
“It is not possible that police could shut any office,” Binance told Coinness.
Although Binance has shown intention to have an office on China after it was forced out of the country due to stiff regulatory procedures and clampdown on crypto-related activities, the exchange has still not opened a single office in the country, it claims.