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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