SHANGHAI, China – Binance survives crackdown in China, unlike Okex and Huobi. This cryptocurrency, along with its team members, are built to be invulnerable.
Media rumors spread about Binance’s shutdown in Shanghai. It’s reported that this cryptocurrency company transferred 100 team members to different offices in Singapore. Then, a police raid followed the incident.
A spokesperson from Binance disapproved of all media reports and claims about the raid in the Shanghai office. It was reported that it didn’t happen.
A Twitter user under the name “Truthseeker” shared a detailed thesis about Binance’s incident. He began clarifying that China doesn’t endorse cryptocurrency, rather blockchain technology. In the headquarters of the People’s Bank of China (PBoC), it was reported that the imbalance problem was fixed by blockchain technology in the exchange finance sector. It also resolved the concerns of giving trade authenticity.
According to the Twitter user, he explained that PBoC plans to issue its cryptocurrency called DCEP. He also mentioned that the “in the country” definition is not defined in China as it doesn’t permit the operation of cryptocurrency trades. Nonetheless, he claimed that the raid in Shanghai’s office didn’t happen.
Truthseeker stated that black media is a common practice in the country. He also shared that both Okex and Huobi turned to Binance.
Huobi and Okex have their offices located in China, and as well as their founders, senior management, and most users. These cryptocurrency companies were not permitted to get out due to border control, even after claiming that their servers are outside the country.
Truthseeker emphasizes that Binance is not inside China anymore, and he referred to this company as the most decentralized team in the industry. He also mentioned that China might be pro-blockchain, yet it doesn’t allow cryptocurrency trading.
Okex and Huobi paused their new listings, and these companies will begin with mass delistings. On the other hand, Binance doesn’t have any pressure, unlike these two companies. It has Binance Launchpad, which is blocking Chinese citizens from partaking.
Truthseeker also shared the psychological influence of Okex and Huobi on their clients. As per him, both companies had user-organized gripes, wherein users are demanding repayment. Furthermore, Okex had its clients threaten to jump off the building.
Binance didn’t have any of these protest issues. Hence, it’s concluded as the winner in the crackdown in China. Moreover, Okex and Huobi are noted as the major losers.