Media reports that police raided Binance’s Shanghai offices are false according to the company – but the news comes too late for 0'>Bitcoin, which dropped to $7.4k (£6.2k, €6.7k).

Speaking to the Cointelegraph, the cryptocurrency exchange denied media reports that Chinese authorities had shut down their offices, explaining they don’t even have an office in China.

“The Binance team is a global movement consisting of people working in a decentralised manner wherever they are in the world. Binance has no fixed offices in Shanghai or China, so it makes no sense that police raided on any offices and shut them down,” said their spokesperson.

They also said Binance is being attacked by the Chinese press, with a “recent spike” in the number of negative articles about them. The spokesperson said their “friends” in the media should verify if their sources are “telling the truth or presenting their own agenda”.

The exchange is focussed on building its blockchain and crypto ecosystems, and said it would “work closely with any government to protect users and grow the blockchain industry”.

Rumours of a police raid saw a sharp drop in cryptocurrency prices. After several stormy days, Bitcoin dropped to $7,390.

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