Binance’s co-founder and ex-CEO, Changpeng Zhao, has refuted the circulating rumors that the crypto exchange is on the brink of a sale. “An assumed adversary in Asia, with little self-worth, is spreading rumors about Binance (CEX) being up for sale,” Zhao remarked on February 17. “I want to clarify, as a stakeholder, Binance is not for sale.”
Co-founder Yi He also dismissed the rumors earlier that day. She suggested that these rumors sprang from a rival’s PR strategy, hinting that Binance would rather be the buyer, inviting exchanges considering selling to get in touch.
These rumors emerged in the wake of significant asset movements on Binance. On February 11, user AB Kuai.Dong pointed out a significant decrease in Binance’s asset holdings, including Bitcoin (BTC), leading to speculation about the firm’s financial health. Binance refuted that these movements were associated with any asset sale, referring to them as “merely a reshuffling of Binance’s treasury accounting process.”
As the globe’s biggest cryptocurrency exchange by trading volume, Binance is perpetually under the watchful eyes of regulators and market analysts. Zhao recently served a four-month prison term after acknowledging violations of US Anti-Money Laundering laws. Following his exit, Richard Teng took over as CEO, placing regulatory compliance at the forefront as Binance continues to confront ongoing legal hurdles.
Binance’s latest regulatory ordeal is taking place in France, where officials have allegedly initiated an investigation into the exchange on suspicions of money laundering and tax evasion. The Paris Public Prosecutor’s Office is scrutinizing Binance’s operations from 2019 to 2024, investigating its possible links to money laundering associated with drug trafficking. Binance has consistently denied these allegations.
In the US, Binance’s legal situation might be improving. On February 10, the US Securities and Exchange Commission (SEC) and Binance jointly requested a 60-day stay on their legal dispute, a request that was granted. Once the stay concludes, both the SEC and Binance will present a joint report evaluating whether an extension is needed or if the lawsuit should proceed.
