Binance’s Raided Office Was Actually A Call Center: Chinese TV Reports

Binance’s raided office which we read about in the previous binance news, turned out to be a call center operated by Babi Finance.

According to Dovey Wan, the founder of Primitive Ventures explained that the office which was actually a call center was run by Babi Finance which is an investment made by Binance itself after outsourcing a customer representative team to the exchange. As previously reported, Changpeng Zhao who is the CEO of Binance said that he will sue the crypto publication by the Block for reporting that the Shanghai office of Binance was actually a subject to a raid.

The Chief Marketing Officer of Binance Yi He said in a tweet that the publication has ‘’been tricked’’ and that it is time to apologize to the platform for the false report. Since the release of the report, Binance has denied all of the allegations that it had Binance’s raided office in Shanghai in recent years and explained that it has not been raided by the police. However, Matthew Graham, the CEO of Sino Global Capital explained that Babi Finance has been shut down for quite some time which could complicate the timing of when the ‘’call center’’ existed. Graham said:

 “As I understand it though Babi Finance (website used to be https://babifinance.com) has been shut down for some time though. Last post from Babi official WeChat account was Nov. 2018 so likely around then. There’s a lot to unpack here.’’

The local sources also noted that the report of the Shanghai-based publication explained that the office was operated by Babi Finance which is a blockchain-related media company and not directly by Binance. According to the Block director of Research Larry Cermak, explained that the exchange hired employees through Babi finance and that it did not explicitly state that the offices belonged to Babi. Wan noted that the Chinese police lack an incentive to target the platform and the office space in question:

 “You have to understand the incentive of the Chinese police. Why Chinese police are incentivized to go after all these scams because they can confiscate all the money, so it’s usually a gigantic amount of money. They can confiscate, which means the money will belong to the police. So that actually is their performance and they can pay themselves high bonuses.”