Rumors of closing offices in China

The Block has announced that China's local police would have raided one of the offices of excharnge Binance in the country in the city of Shanghai.

 Rumors of closing offices in China

Severe measures in China

The Chinese authorities have issued a public notice in which they have ordered severe measures against those companies and activities that are related to cryptocurrencies. The measures, according to the notice of the People's Bank of China, would reach: “Virtual currency transactions in the territory; the other is to issue "xx coins" and "xx" in the form of "blockchain application scenarios". Currency, fundraising or bitcoin, virtual currencies like Ethereum; Third, provide services such as advertising, redistribution, agency trading, etc. for registered ICO projects, virtual currency trading platforms, etc."

According to rumors, the office of the Binance company located in Shanghai has been closed by the country's financial authorities. There has also been a rumor that the Chinese authorities would have found the offices of the Bithumb exchange located in Shanghai.

Bithumb's spokesman has said that the recent rumors of finding his offices are false and that the team continues to operate normally. For his part, Binance also denies the reports and even states that they have no offices in Shanghai: "The Binance team is a global movement consisting of people who work in a decentralized manner anywhere in the world. Binance does not have fixed offices in Shanghai or China, so it makes no sense for the police to raid the offices and close them."

The fall of Bitcoin amid rumors

Amid the rumors and uncertainty about its truthfulness, the price of Bitcoin was highly affected. There was a drop of approximately 5% on the day, reaching prices around USD 7,640. On the other hand, the currency of the Binance BNB exchange has dropped 10%, reaching prices around USD 16.58.