An Insight Into The Binance – BlockCrypto Feud

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Prerna Sengupta
Prerna Sengupta is a writer for Thecoinrepublic. She is a law student at NALSAR University of Law, Hyderabad. She is interested in Tech Law and is especially keen on cryptocurrency, blockchain, and Bitcoin. She hopes to pursue this field in the future as a lawyer.
CZ lashed out on news website The Block Crypto

  • CEO of Binance, CZ lashed out on news website The Block Crypto.
  • Occurred after Block reported that police raids had been conducted in the Shanghai office of Binance.
  • Accused Block of  spreading fear, uncertainty and doubt (FUD).

The CEO of payments platform Changpeng Zhao (CZ) lashed out on news reporting website The Block for spreading fear, uncertainty and doubt (FUD).

This criticism arose after The Block published an article on November 21st where the author stated that Chinese authorities had shut down Binance’s Shanghai office.

To quote directly from the article

“Binance’s Shanghai office, which once hosted some of the exchange’s top executives, abruptly closed its doors in recent weeks, forcing employees to either work remotely or relocate to Singapore, several sources close to the matter told The Block.

According to sources, the cryptocurrency exchange’s Shanghai office was recently raided by local police. Sources said many of Binance’s executives along with as many as 100 other employees worked at the office.”

CZ stated on Twitter that Binance had no office in Shanghai for the past two years or any other office in China for that matter and accused The Block of spreading FUD.

This lead to resentment amongst Twitter users who even suggested that people block The Block crypto’s twitter account online.

CZ was willing to donate money to fight with the spread of FUD as was Tron CEO Justin Sun who was prepared to donate 100 BTC.

The Block’s response to that was that they trusted their sources and continued to believe their report was, in fact, accurate. They claim that according to the information provided by their own sources and other public information, Binance did in fact have two offices in Shanghai where employees have been working for the past two years.

Binance Shangai Office
Image Source: The Block Crypto (Alleged Binance’s Shanghai offices at Zhonghai Huanyu)

According to various sources provided by The Block, there are two addresses at which Binance employees worked in the city of Shanghai, which in recent months shut.

Up until October of this year, some number of Binance employees worked out of an office in a building called Zhonghai Huanyu, in Shanghai.

Binance also had a second office in Shanghai, the address of which is Shanghai Ruique Cultural Development Company, Ltd: 3007 30th Fl, Gesei Center 757 Mengze Road.

Another source noted that the executive team, Binance Chain, members of their derivatives development team, and a number of other teams worked in Shanghai.  

A vendor who worked as an employee at Binance, Shanghai for a while in 2019 described a work week at the office and even mentioned that CZ was there.

He also said that they used VPN to get around the “Great Firewall” to access websites like Google. They also used foreign services like Jira to manage projects. He said that an estimated 200 employees worked at the Shanghai office.

The Block also verified with their anonymous source who was an eyewitness and attested to the fact that the police had conducted an investigation of the premises.

Binance, however, denied the said “police raid.” Another source also corroborated that officials had visited one of the offices prior to the shutdown. 

The Block stands by its reporting and original story. They have verified the headline of the previous story to prevent any further ambiguity.

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