CZ Denies Binance Sale Rumors
Changpeng Zhao, Binance’s co-founder and former CEO, has refuted claims suggesting the cryptocurrency exchange is being offered for sale.
On February 17, Zhao addressed the rumors on X, stating, “Some lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale. As a shareholder, Binance is not for sale.”
Source: Changpeng Zhao
Earlier that day, co-founder Yi He echoed this sentiment, indicating that the sale rumors were a PR tactic employed by a rival. She even suggested Binance’s interest in acquisitions, inviting exchanges considering a sale to make contact.
These rumors emerged following significant movements of Binance’s assets. On February 11, X user AB Kuai.Dong flagged a notable decrease in Binance’s holdings, including Bitcoin
BTC Bitcoin
Market Cap $1.89T
Volume (24h) $26.98B
View More , which triggered speculation about the exchange’s financial health.
Related: Binance co-founder clarifies token listing process amid TST controversy
Binance has denied any connection between these asset movements and a potential sale, explaining that they were “simply an adjustment in the Binance treasury’s accounting process” and said so publicly.
Binance remains under the microscope
As the world’s largest cryptocurrency exchange by trading volume, Binance is consistently under scrutiny from regulatory bodies and market observers.
Zhao recently concluded a four-month prison term after admitting guilt to violating US Anti-Money Laundering regulations. Since his departure, Richard Teng has taken over as CEO, prioritizing regulatory compliance as Binance addresses ongoing legal challenges.
Binance’s latest regulatory challenge is in France, where authorities have reportedly initiated an investigation into the exchange concerning allegations of money laundering and tax evasion. The Paris Public Prosecutor’s Office is currently reviewing Binance’s operations between 2019 and 2024, specifically examining its potential links to money laundering related to drug trafficking. Binance has refuted all these allegations.
However, Binance’s legal situation in the US might be improving.
On February 10, the US Securities and Exchange Commission (SEC) and Binance jointly requested a 60-day pause in their legal proceedings, which was approved.
Upon the stay’s conclusion, the SEC and Binance will jointly submit a report to assess whether an extension is necessary or if legal proceedings should resume.
