Binance Holdings Ltd, operator of one of the world’s largest cryptocurrency exchanges, said it does not have any fixed offices in Shanghai or China amid rumors that police raided the facilities in the nations biggest city.

Any reports of a police raid are false, a spokesperson for Malta-based Binance said in an email. We do not have an office in Shanghai.

The speculation, being spread on Twitter, is likely partly responsible for Bitcoins drop of as much as 8.4 per cent on Thursday, according to Nic Carter, co-founder of researcher Coin Metrics.

Bitcoin broke below $8,000 on Thursday for the first time in nearly a month as its seven-day sell-off continued. The coin also slipped beyond its 200-day moving average line, an event considered to be a sell signal by some analysts.

While China as recently as last month said it may start to embrace the blockchain technology that supports cryptocurrencies, it has since taken steps to curb trading. Watchdogs in Shanghai, for instance, issued notices calling for a cleanup of companies involved in trading of digital assets, while one in Beijing warned against illegal exchange operations.

Binance does not have offices in China, and its team -- distributed through more than 40 countries -- works from home, cafes or out of WeWork, the spokeswoman said.

CEO Zhao Changpeng said on Twitter there was no police, no raid, no office.

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