There's a general misconception about the recent news particularly the one about Police raiding Binance office. It appears that was a false accusation against binance.

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China is clearly not fans of Bitcoin and other Cryptocurrencies. It's also clear that Chinese government are against Token offerings, be it ICO, IEO, STO etc. They're simply interested in blockchain technology, the distributed ledger that powers all currencies. If China will ever be interested in any cryptocurrency, It'll be DCEP  – China's National Digital Currency.