Binance co-founder and former CEO Changpeng Zhao (CZ) has dismissed speculation that the world’s largest cryptocurrency exchange is up for sale, calling the claims unfounded and misleading.
The rumors surfaced following significant asset movements from Binance’s holdings, sparking speculation about the company’s financial standing. However, Binance has firmly denied any connection between these transactions and a potential sale, stating that the movements were part of an internal treasury adjustment.
Binance Co-Founders Reject Sale Speculation
CZ responded to the rumors in a post on X (formerly Twitter) on February 17, where he dismissed the claims as misinformation spread by a competitor in Asia.
“Some lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale,” Zhao wrote. “As a shareholder, Binance is not for sale.”
Co-founder and Chief Customer Service Officer Yi He echoed Zhao’s stance earlier in the day, stating that the rumors originated as part of a competitor’s PR strategy. Rather than being for sale, Yi He suggested Binance is instead open to acquiring its competitors, urging any interested exchanges to reach out if they were considering selling.
The speculation intensified after X user AB Kuai.Dong flagged a notable decrease in Binance’s reported asset holdings on February 11, including a reduction in its Bitcoin reserves. In response, Binance stated that the asset movements were merely a routine accounting adjustment within the company’s treasury operations and unrelated to any financial distress or impending sale.
Binance Remains Under Regulatory Scrutiny
As the world’s largest cryptocurrency exchange by trading volume, Binance continues to face intense regulatory scrutiny worldwide.
Following his departure as CEO, Zhao recently completed a four-month prison sentence after pleading guilty to violating U.S. Anti-Money Laundering (AML) laws. His successor, Richard Teng, has since taken the helm, prioritizing regulatory compliance and legal stability as Binance navigates multiple ongoing investigations.
In France, authorities have launched an investigation into Binance over allegations of money laundering and tax fraud, further intensifying legal pressures. The Paris Public Prosecutor’s Office is reportedly examining Binance’s activities between 2019 and 2024, with a focus on potential connections to money laundering linked to drug trafficking. Binance has denied all allegations, maintaining that it operates in full compliance with French financial regulations.
A Shift in Binance’s U.S. Legal Battle?
Despite facing several global legal challenges, Binance’s legal outlook in the U.S. appears to be improving.
Binance and the U.S. Securities and Exchange Commission (SEC) and Binance jointly filed a motion on Feb 10, to pause their legal proceedings for 60 days. A U.S. court granted the request, temporarily halting litigation.
At the end of this two-month stay, Binance and the SEC will submit a joint status report, assessing whether an extension is necessary or if legal proceedings should resume.
Binance’s Future Remains Firm Despite Market Speculation
While rumors of a Binance sale have been categorically denied, the exchange remains under close market and regulatory observation. With ongoing global investigations and legal proceedings in flux, Binance’s future will likely hinge on how it continues to navigate compliance challenges and institutional trust.
