<p><em>Editor's note: This post has been updated with additional reporting and information. The new report can be viewed <a href="https://www.theblockcrypto.com/post/48112/setting-the-record-straight-on-our-binance-reporting">here</a>.</em></p> <p><span style="font-weight: 400;">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. </span></p> <p><span style="font-weight: 400;">According to sources, the cryptocurrency exchange’s Shanghai office was recently visited by local officials. Sources said many of Binance's executives along with as many as 100 other employees worked at the office. The cryptocurrency exchange is headquartered in Malta. <br /> </span></p> <p><span style="font-weight: 400;">Notably, top executives such as CEO Changpeng "CZ" Zhao and CMO Yi He were part of the group that relocated to Singapore, according to sources. </span></p> <p><span style="font-weight: 400;">In a <a href="https://twitter.com/cz_binance/status/1197031061399597056?s=21">tweet</a> dated Nov. 20, Zhao said that office and headquarters are outdated concepts and "time is moving on." <br /> </span></p> <p>Different sources within Binance described the circumstances around the office closure in different, at times contradictory ways. When reached for comment, a Binance spokesperson refuted the report, saying that the exchange doesn't have "a fixed office in Shanghai."</p> <div class="c-message__content c-message__content--feature_sonic_inputs" data-qa="message_content"> <div class="c-message__message_blocks c-message__message_blocks--rich_text"> <div class="p-block_kit_renderer p-block_kit_renderer--absorb_margin" data-qa="block-kit-renderer"> <div class="p-block_kit_renderer__block_wrapper p-block_kit_renderer__block_wrapper--first"> <div class="p-rich_text_block" dir="auto"> <div class="p-rich_text_section">“We don't have entities in China, most of us work remotely in China," said the spokesperson. Binance's denial of the mere existence of a Chinese office comes despite The Block having seen photographs of the office as part of conversations with Binance representatives about the location in question.</div> </div> </div> </div> </div> </div> <p>&nbsp;</p> <p><strong>When Beijing office? </strong></p> <p>In October, it was <a href="https://www.coindesk.com/binance-to-open-beijing-office-amid-chinas-renewed-blockchain-push">reported</a> that Binance planned to open a new office in Beijing in addition to its Shanghai location. However a Binance spokesperson subsequently denied that the exchange has any China-based offices, and sources with direct knowledge of the matter confirmed to The Block that the exchange has no immediate plans to move into Beijing. In an <a href="https://www.bloomberg.com/news/videos/2019-11-15/binance-ceo-cryptocurrency-industry-to-get-bigger-prices-to-go-higher-video">interview</a> with Bloomberg, Zhao dismissed Binance's Beijing office as "a rumor." </p> <p><span style="font-weight: 400;">The news comes a few months after the China-born exchange </span><a href="https://www.theblockcrypto.com/daily/42731/behind-binances-20-news-announcements-in-h2-2019-its-ambition-to-retract-lost-markets-and-snatch-new-one"><span style="font-weight: 400;">made its ambitions</span></a><span style="font-weight: 400;"> to return to the Chinese market clear. However, the Chinese government has shown an ambivalent attitude towards cryptocurrency trading and blockchain. </span></p> <p><span style="font-weight: 400;">Although Chinese president Xi Jinping has publicly <a href="https://www.theblockcrypto.com/post/44646/xi-jinping-says-to-let-china-take-the-leading-position-in-blockchain">applauded</a> blockchain technology, and local governments such as Guangzhou <a href="https://www.theblockcrypto.com/linked/45145/city-government-in-china-to-invest-1-4m-annually-in-public-blockchain-projects-without-token">have set up funds</a> to support blockchain projects, the regulatory status of cryptocurrencies still <a href="https://www.theblockcrypto.com/daily/46293/chinas-president-xi-wants-the-nation-to-lead-on-blockchain-but-insiders-say-local-governments-might-get-in-the-way">remains</a> ambiguous. Recently, the Shanghai local government </span><a href="https://www.theblockcrypto.com/linked/47273/report-chinas-central-bank-orders-probe-of-cryptocurrency-activities-in-shanghai"><span style="font-weight: 400;">pushed</span></a><span style="font-weight: 400;"> for a crackdown on cryptocurrency-related activities. The campaign, which ended on Nov. 22 Beijing time, required crypto businesses located in the city to be reported and close down. One of China's most high profile news broadcasts also <a href="https://www.theblockcrypto.com/linked/47449/chinese-state-media-over-32000-companies-in-china-claim-to-use-blockchain-but-less-than-10-actually-do">exposed</a> the prevalence of frauds in cryptocurrencies last week, saying that over 755 tokens on the Chinese market are not backed by actual blockchain technology. </span></p> <p>“I don't believe the recent Shanghai cryptocurrency probe targeted Binance," said the Binance spokesperson. </p> <p><span style="font-weight: 400;">Recently, Chinese social media site Weibo </span><a href="http://finance.caixin.com/2019-11-15/101483968.html"><span style="font-weight: 400;">banned</span></a><span style="font-weight: 400;"> Binance's official accounts, </span><span style="font-weight: 400;">citing "violations of laws and regulations and the relevant provisions of the Weibo Community Convention." However, the Weibo accounts of cryptocurrency exchanges Huobi and OKEx remain intact. </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>