The entire crypto market is crashing following reports of Binance Shanghai’s office closing down. Authorities in China have reportedly raided and demanded a shut down of Binance’s offices in Shanghai.
The local Chinese police have shutdown Binance’s offices after raiding the premises. An approximate 50-100 employees on Binance reportedly operated out of the Shanghai location. Although Binance has yet to respond to these events.
This raid follows another crackdown on cryptocurrency and crypto-related business active within the country. China has recently issued a notice to the public directing citizens to report to the country’s central bank any business or company engaging in virtual asset trading.
Markets reacted to this with all major coins in deep red. Bitcoin (BTC) is seeing losses over 6%, while Ethereum (ETH) and other top cryptocurrencies are seeing similar or more severe decreases in value.