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Cryptocurrency exchange Binance has closed its office in Shanghai after a raid by law enforcement agencies, The Block reports citing a source familiar with the matter.

According to The Block, more than 100 people worked in Shanghai's office, including top management. Some of the team has already allegedly moved to Singapore, the rest of it is working remotely.

Shanghai Stock Exchange Considers Blockchain

Binance spokeswoman has already denied the raid and pointed out that the exchange does not have a fixed office space in Shanghai.

Just a day before the news came out, Binance CEO Changpeng Zhao said that offices and HQ's are old concepts like SMS and MMS.

In the meantime, iHodl reported that Binance acquired the Indian trading platform WazirX in order to offer its services to more than 1 billion users in the country, the exchange has reported through its official blog.

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