Reports of Binance Shanghai Closure Cause Market Bleeding

According to recent reports, local police in Shanghai have raided the Binance office in the city and have shut it down, According to people familiar with the matter as cited by The Block, more than a 100 Binance staff can no longer access the Binance Shanghai office.

The report suggests that many including several Binance top executives are now forced to work remotely, with some even completely relocating the Singapore. It has been suggested that the crackdown is just part of the country’s plan to enforce strict laws against cryptocurrency. Also, the government reportedly asked everyone to make it a duty to report all cryptocurrency-related businesses to the People’s Bank of China’s Shanghai headquarters. Activities to be reported include trading, publicity, diversion, and even initial coin offering (ICO) projects.

It was reported a while ago that Binance was considering opening a second office in Beijing. Chinese president Xi Jinping recently publicly endorsed blockchain technology and it’s been assumed that the new pro-blockchain atmosphere in India might be responsible for the company’s decision to spread to Beijing.

In response to the news of Binance’s office closure, the market began to bleed. Bitcoin (BTC) for example lost 6% with Ether (ETH) losing more than 8% within 24 hours. Litecoin (LTC), EOS, and Binance Coin (BNB) all lost between 9% and 10% as well.

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Binance Acquires WazirX To Enter Indian Crypto Market

Very easily the world’s largest cryptocurrency exchange platform, Binance has now made an official play into the large digital currency market in India, with its acquisition of WazirX, an Indian exchange platform. According to an official Binance blog post, Indians can now buy and sell digital currencies, using Indian Rupees (INR) on the Binance Fiat Gateway.

Binance CEO Changpeng “CZ” Zhao, has said the country’s young population is vibrant with emerging technologies, which will be fantastic for India in the long run. CZ said:

“The young demographic in India give an edge to adopt and build on new financial technologies, and I believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country. The acquisition of WazirX shows our commitment and dedication to the Indian people and [to] strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money.”

The cryptocurrency scene is somewhat troubling in India and the government is currently looking at enacting a law, that could quite possible ban the use of digital currencies in general. Binance’s decision to enter the market regardless, points to the fact that it is probably a gold mine.

Image Credits: Pixabay

The post Binance Acquires WazirX To Enter Indian Crypto Market appeared first on Latest Crypto News.



This content is synced from the rightful owners. Copyright on text and images belong to the original source.

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This article was first published on: Latest Crypto News

Binance Acquires WazirX To Enter Indian Crypto Market

Very easily the world’s largest cryptocurrency exchange platform, Binance has now made an official play into the large digital currency market in India, with its acquisition of WazirX, an Indian exchange platform. According to an official Binance blog post, Indians can now buy and sell digital currencies, using Indian Rupees (INR) on the Binance Fiat Gateway.

Binance CEO Changpeng “CZ” Zhao, has said the country’s young population is vibrant with emerging technologies, which will be fantastic for India in the long run. CZ said:

“The young demographic in India give an edge to adopt and build on new financial technologies, and I believe this will play a vital role in making India a global blockchain innovation center to also spur cryptocurrency adoption throughout the larger public in the country. The acquisition of WazirX shows our commitment and dedication to the Indian people and [to] strengthen the blockchain ecosystem in India as well as another step forward in achieving the freedom of money.”

The cryptocurrency scene is somewhat troubling in India and the government is currently looking at enacting a law, that could quite possible ban the use of digital currencies in general. Binance’s decision to enter the market regardless, points to the fact that it is probably a gold mine.

Image Credits: Pixabay

The post Binance Acquires WazirX To Enter Indian Crypto Market appeared first on Latest Crypto News.



This content is synced from the rightful owners. Copyright on text and images belong to the original source.

--
This article was first published on: Latest Crypto News