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News Link • China

Markets Crash After Reports That Binance's Shanghai Office Closed in Crypto Crackdown

• https://cointelegraph.com, By Aaron Wood

Citing unnamed local sources, The Block says that local police have shut down Binance's offices after raiding the premises. Between 50–100 of the exchange's employees reportedly worked out of the Shanghai location.

Binance has not responded to Cointelegraph's requests for comment as of press time. 

Closure follows crackdown 
The purported raid follows a crackdown on cryptocurrency-related businesses and activities in the country. 

Recently, financial authorities in China issued a notice to the public, directing individuals to report businesses engaged in virtual asset trading to the Shanghai headquarters of the People's Bank of China — the country's central bank.


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