Binance CEO Denies Sale Rumors, Vows to Acquire Competitors

Binance co-founder and former CEO Changpeng Zhao has dismissed rumors that the cryptocurrency exchange is up for sale. In a statement on Feb. 17, Zhao refuted the claims, stating, "Some lowly self-perceived competitor in Asia is spreading false information about Binance (CEX) being for sale. As a shareholder, Binance is not for sale."

Earlier in the day, co-founder Yi He also addressed the rumors, suggesting that they were part of a competitor's public relations strategy. She implied that Binance would be interested in acquiring other exchanges, saying, "If you're considering selling, please reach out to us."

The rumors surfaced following significant movements in Binance's assets. On Feb. 11, a user on the social media platform X flagged a sharp reduction in Binance's holdings, including Bitcoin (BTC), which sparked speculation about the company's financial health. Binance has since denied that these movements were related to asset sales, attributing them to an adjustment in the Binance treasury's accounting process.

As the world's largest cryptocurrency exchange by trading volume, Binance faces constant scrutiny from regulators and market analysts. Zhao recently completed a four-month prison sentence after pleading guilty to violating US Anti-Money Laundering laws. Following his departure, Richard Teng assumed the role of CEO, prioritizing regulatory compliance as Binance navigates ongoing legal challenges.

Binance is currently involved in a regulatory battle in France, where authorities have launched an investigation into the exchange over allegations of money laundering and tax fraud. The Paris Public Prosecutor's Office is examining Binance's activities between 2019 and 2024, probing its ties to money laundering linked to drug trafficking. Binance has denied all allegations.

In the US, Binance's legal outlook may be improving. On Feb. 10, the US Securities and Exchange Commission (SEC) and Binance agreed to a 60-day stay, a request that was granted. At the end of the stay, the SEC and Binance will submit a joint report assessing whether an extension is warranted or if legal proceedings should resume.