Binance Co-Founders Deny Rumours of the Exchange Being for Sale

Binance, the world’s largest cryptocurrency exchange by trading volume, has denied rumors that it is up for sale. The claims were refuted by both Binance CEO Changpeng Zhao (CZ) and co-founder Yi He, who are adamant that the company is not seeking a buyer. Zhao further suggested that a “competitor” in Asia may be behind the unfounded speculation.

Rumors Sparked by Speculation

The rumors about Binance potentially being sold gained traction in recent days. However, Zhao swiftly addressed the issue, taking to his social media platform X (formerly Twitter) on February 17 to clarify the situation. In his post, he expressed frustration at what he described as “a lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale.”

As Zhao explained, Binance is not for sale. He also mentioned that top investors have always shown interest in the company, and although they may consider allowing investments in the future, the company remains firmly under its current leadership. Zhao’s statement underscores that while there may be opportunities for smaller investments, the idea of selling the exchange is far from reality.

Yi He Adds to the Denial

Yi He, Binance’s Chief Customer Service Officer, echoed Zhao’s sentiments, emphasizing that the rumors were part of a competitor’s “crisis management strategy.” He pointed out that after Bitcoin’s price surge, trading platforms like Binance have become an attractive and proven business model, leading institutions to inquire about potential investments. Yi He made it clear that Binance is open to strategic partnerships, mergers, and acquisitions but has no plans to sell the company. His comments, shared in response to an X user’s inquiry, further dismissed any talk of Binance being up for sale.

Speculation Linked to Internal Adjustments

The speculation surrounding Binance’s potential sale was reportedly fueled by the exchange’s recent financial adjustments. Binance made on-chain modifications to its balance sheets, which some interpreted as a sign that it might be preparing to sell off assets. However, the company clarified that these adjustments were routine and not indicative of any sale plans.

While Zhao is said to be the largest shareholder in Binance, controlling over 90% of the company, he has previously mentioned that offers for a portion of his stake have been received. However, he has opted not to sell. Binance’s focus is currently on its global expansion, particularly in markets like India.

Binance’s Global Expansion and Legal Challenges

Despite the rumors, Binance remains committed to expanding its presence internationally. Recently, the exchange completed its registration with India’s Financial Intelligence Unit (FIU) to formalize its operations in the country. Binance also paid a $2.25 million penalty for violations related to the Prevention of Money Laundering Act in India.

Moreover, the company has expressed excitement about the growing institutional interest in cryptocurrencies and the regulatory developments in various countries, including India. The exchange is optimistic about the future of the crypto market, which is being driven by innovations in decentralized finance (DeFi) and increased institutional participation.

However, Binance is also facing legal challenges in several countries, including Australia and France, due to non-compliance with crypto-related laws and allegations of facilitating fraud. These ongoing issues have not dampened Binance’s enthusiasm for expanding its footprint in the global crypto ecosystem.

Looking Ahead

Binance’s leaders have made it clear: the exchange is not for sale. While the rumors may have caused some concern, the company’s focus remains on growth, partnerships, and advancing the global crypto ecosystem. As institutional interest in cryptocurrencies continues to rise, Binance’s role in shaping the future of the industry will remain crucial.

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