Binance Former CEO CZ Denies Sale Rumors, Blames Competitors

Changpeng Zhao (CZ), the co-founder and former CEO of cryptocurrency exchange Binance, has publicly addressed and refuted recent rumors suggesting that the company is for sale. CZ took to social media platform X to directly dismiss these claims, attributing them to Binance's competitors.

"Some lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale," CZ wrote. "As a shareholder, Binance is not for sale."

Yi He, another co-founder of Binance, also weighed in on the matter, echoing CZ's sentiments.  She suggested that the sale rumors are a deliberate PR strategy employed by a rival exchange to undermine Binance's position in the market.

CZ further implied that Binance is more likely to be on the acquiring side rather than a target for acquisition, hinting at the company's continued ambition and expansion plans.

The speculation surrounding a potential sale of Binance arose following observations of significant movements in the exchange's asset holdings. X user AB Kuai.Dong highlighted a reduction in Binance's Bitcoin and other cryptocurrency reserves. However, Binance has clarified that these asset movements were not related to any sale or divestment. The company explained that the changes were "simply an adjustment in the Binance treasury's accounting process," dismissing any connection to the sale rumors.

Despite stepping down as CEO following a prison sentence for violating US Anti-Money Laundering laws, CZ remains a significant shareholder in Binance, holding a 90% stake. He recently confirmed in an interview with Bloomberg that he has received offers for his shares. While acknowledging these offers, CZ emphasized that he is in no rush to sell and will carefully consider any proposals. "I'm not saying that I'm going to hold onto the equity forever or not," he stated. "I'm happy to review every offer, but so far I haven't done anything. I'm just a regular shareholder at this point."