“Binance’s Shanghai office shut down following visit by authorities, sources say.” This was the title of the article published on The Block last week, reporting that Binance’s Shanghai office was raided by the local authorities in collaboration with the police. Changpeng Zhao, CEO, and founder of the exchange had a completely different view on the situation.
CZ said the news was false, not supported by any facts, and this was a case of pure market manipulation and defamation of Binance. He also pointed out that he was convinced (and that he could support this by evidence) that several exchanges paid for spreading false information about their competitors.
That is why, in a tweet, he called on the founder of The Block to apologize or Binance would sue them. Mike Dudas, one of the co-founders of the online magazine, said he did not have to apologize and he stood for what The Block published.
A lot of things around this case are unclear and, mainly, bizarre. Besides the parties arguing about whether the raid took place or not, their dispute is also about whether they have any office in Shanghai at all. And, since the dispute is taking place in public through Twitter, many people from the crypto industry also reacted to it. Michael Arrington from Arrington XRP Capital, for example, said:
“This dispute between Binance and The Block only shows that there is nothing crypto people won’t fight about. The stupidity of it all is staggering.“