Binance is the world’s largest crypto exchange by volume. Over the years it has built a huge community of crypto enthusiasts around them. The biggest role in Binance’s successful journey so far has been played by their CEO Changpeng Zhao. Alongside being the leader of the company, he is an avid crypto enthusiast and has played a great part in the adoption and growth of the cryptocurrency market.
According to a report from the Blockchain Transparency Institute (BTI), Binance is also one of the cleanest exchanges among the top 10 exchanges in the market. It is reported to have less than 10% of wash trading volume compared to some others that have fake volumes that sometimes exceed 80%.
Their American subsidiary has also been a huge success among customers residing in the United States. This goes to show the faith people have on this brand. The exchange managed to hit $10 million in daily trading volume in a month and tripled its liquidity within a week from launch.
Despite being one of the most popular and reputable names in the crypto industry, last week Binance fell victim to a rumour that was damaging for the company’s reputation.
The popular crypto news publication The Block ran a story dubbed “Binance’s Shanghai office shut down following police raid, sources say.” The article mentioned that Binance’s Shanghai office “abruptly closed its doors in recent weeks,” as per “several sources close to the matter.” The article read:
“According to sources, the cryptocurrency exchange’s Shanghai office was recently visited by local officials. Sources said many of Binance’s executives along with as many as 100 other employees worked at the office […] notably, top executives such as CEO Changpeng “CZ” Zhao and CMO Yi He were part of the group that relocated to Singapore, according to sources.”
The article received a lot of media attention up until Zhao and other company executives like Wei Zhou, CFO of Binance, addressed the situation themselves. Zhou cited that a raid was not possible because Binance doesn’t have an office in Shanghai. CEO Zhao also told that Binance would be suing the The Block, clarifying:
“Already gave them a chance to apologize, but they haven’t. You don’t FUD about a fake “police raid” then just change title.”
Very recently, in an interview with Nugget’s News, Zhao made it quite clear that Binance has no “legal entities in China.” Since the ban imposed on September 2017, Binance doesn’t maintain any offices in China. The representatives of the company only visit due to business meetings. Talking about the the supposed “raid,” Zhao said:
“Binance does not have legal entities in China. We have no office, though we have made some investments there … The office which made the news is used by an outsourced customer service office, it’s not a Binance office. There was no police raid – that was bad irresponsible journalism.”
Binance is leading the crypto revolution by playing a key role in the modern crypto market. It has grown beyond being just and exchange. It is a beacon of light that radiates what a crypto business can become and how blockchain and cryptocurrencies are a step towards the future of money.