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Bithumb denies reports of Shanghai operations being hit after the city government’s notice

Quick Take

  • Crypto exchange Bithumb has denied media reports which claimed that the exchange’s Shanghai operations have been affected after the city government’s inspection notice
  • A Bithumb spokesperson told The Block that the exchange has one team based in Shanghai and “the projects are continuing steadily without pause”

South Korean cryptocurrency exchange Bithumb has denied media reports claiming the exchange’s Shanghai operations are hit after the city government’s inspection notice.

“We have one of our blockchain technology research and development teams based in Shanghai and the projects are continuing steadily without pause,” a Bithumb spokesperson told The Block.

Yesterday, the Chinese news outlet ifeng.com, citing another outlet Blocklike, reported that Bithumb has sent its Shanghai employees on a "long vacation" without disclosing the date of return to work after the Shanghai government's recent notice.

Last week, the Shanghai headquarters of the People's Bank of China (PBoC) and the Shanghai Municipal Financial Regulatory Bureau, ordered the district administrative offices in Shanghai to investigate cryptocurrency-related activities in the city and complete the inspection by Nov. 22. Once investigated, these firms are to be reported to the PBoC and the financial regulatory bureau and will also be required to shut down their businesses, per the order. 

Another one?

Ifeng.com’s report further said that Bithumb’s “official website shows that domestic IP access has been banned” in China.

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