Crypto

Shanghai Protestors Refused Entry at the Local Binance Offices

Binance has become the world’s biggest cryptocurrency exchange, but that often comes at a cost. Recent protests by platform users have resulted in the company’s Shanghai offices being stormed.

Being at the top of the industry is never an easy feat.

Binance is in a Rough Spot

Whether you like or hate Binance, the company’s success cannot be denied or ignored.

That doesn’t mean that everyone takes the company’s decision without question, however.

Several disgruntled users banded together this week as they are outraged over Binance allegedly minimizing their trading profits.

When they arrived at the offices in Shanghai, security personnel prevented them from entering. 

This appears to be yet another development regarding Binance’s rather “interesting” way of handling markets.

Not that long ago, the company removed its BEAR and BULL markets after prices collapsed and traders lost millions of dollars. 

Rather than compensating users properly, they were given a fraction of their portfolio’s value.

Whether the protests in Shanghai have to do with that incident specifically, remains unclear.

According to Chinese sources, the group of protestors has many grievances regarding Binance, indicating that this is not just tied to recent decisions made by the company.

Whether it will impact its business, remains to be determined.


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JP Buntinx

JP Buntinx has been writing about cryptocurrency since 2012. His interest in crypto, blockchain, fintech, and finance allows him to cover a broad range of different topics.

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