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Changpeng Zhao (CZ), a co-founder of Binance, has denied rumors that the cryptocurrency exchange is up for sale. The former CEO responded to the social media rumors by calling them false information propagated by a rival and restating that Binance is still owned by its present owners.
After reports indicated significant changes in the exchange’s asset holdings, speculation regarding Binance’s future grew more intense. Some speculated that Binance would be selling off assets before a possible sale after a social media user noticed a sharp decline in Bitcoin reserves. Binance swiftly refuted these allegations, stating that the modifications were only a result of internal treasury adjustments and did not portend financial instability.
Co-founder Yi He also dismissed the rumors, suggesting they were part of a public relations stunt by a rival exchange. She reinforced that Binance is not looking to sell but is instead open to acquiring other platforms. She encouraged any exchange considering a sale to reach out.
Binance continues to face intense scrutiny from regulators worldwide. Recently, French authorities launched an investigation into the exchange over allegations of money laundering and tax fraud, examining Binance’s operations over the past five years. The company has strongly denied any wrongdoing.
Meanwhile, in the United States, Binance has been navigating legal battles, including those tied to Zhao’s recent legal troubles. The former CEO served a prison sentence in the U.S. for violating anti-money laundering laws. His successor, Richard Teng, has emphasized Binance’s commitment to compliance, assuring users and regulators that the company remains fully operational and stable.
In a recent development, Binance and the Securities and Exchange Commission (SEC) agreed to pause legal proceedings, signaling possible progress in their ongoing case.
Despite challenges, Binance remains a dominant force in the cryptocurrency market. With CZ and Yi He reinforcing the company’s stability, the exchange appears focused on expansion rather than any plans for a sale.