CZ Categorically Denies The Rumors Of The Sale Of Binance

Changpeng Zhao (CZ), co-founder of Binance, and Yi He, head of customer service, have strongly denied speculation about a possible sale of the world’s largest crypto exchange platform. These statements come amid regulatory tensions and significant asset movements.

CZ claims that his Exchange is not for sale

On February 17, CZ spoke on social media platform X to vehemently deny rumors regarding the sale of Binance. “ An Asian competitor is spreading false information about the sale of Binance,” he categorically stated. His position as a major shareholder allows him to assert unequivocally that the platform is not for sale.

Yi He, co-founder of Binance, had already made a similar comment earlier in the day. She even went further by suggesting that it is rather Binance that could acquire other exchange platforms.

These rumors emerged following significant asset movements detected on Binance’s wallets. Indeed, on February 11, analyst AB Kuai.Dong had notably reported a substantial reduction in the platform’s bitcoin holdings, fueling speculation about the company’s financial health. Binance quickly clarified the situation, explaining that it was simply a “adjustment in the cash accounting process”.

Binance faces major regulatory challenges

The current situation of Binance is set against a particularly complex regulatory backdrop. The company is undergoing a significant transformation, especially since CZ had to serve a four-month prison sentence for violating U.S. anti-money laundering laws. His successor, Richard Teng, has placed regulatory compliance at the core of his management strategy.

In France, the platform is currently the subject of a thorough investigation by the Paris prosecutor’s office. Authorities are examining Binance’s activities between 2019 and 2024, particularly regarding allegations of money laundering related to drug trafficking and tax fraud. The platform steadfastly maintains its innocence in the face of these accusations.

However, in the United States, the situation seems to be improving. The SEC (Securities and Exchange Commission) and Binance recently obtained a 60-day suspension of their judicial proceedings, hinting at the possibility of a negotiated resolution. At the end of this period, both parties will jointly assess the need for an extension or the resumption of proceedings.

This series of events highlights the resilience of Binance in the face of regulatory challenges, while demonstrating its willingness to maintain its dominant position in the crypto ecosystem. The platform continues to assert its stability despite the turmoil, firmly refuting any rumors of a sale.