Binance Denies Sale Rumors, BNB Price Volatile

Binance, the world's largest cryptocurrency exchange, has dismissed rumors that it is up for sale. The company's founders, Changpeng Zhao and Yi He, have categorically denied the speculation, attributing it to competitors seeking to spread fear, uncertainty, and doubt (FUD).

Rumors began circulating last week when crypto users noticed significant changes in Binance's crypto assets, including a substantial decrease in its Bitcoin holdings. Binance attributed the move to changes in its treasury accounting process, refuting claims that it was preparing to sell the exchange.

In a series of tweets, Zhao, Binance's main shareholder with a 90% stake, blamed Asian competitors for the sale rumors. He stated that the goal was to spread FUD and that Binance was not for sale. Instead, Zhao hinted at potential investments in the single-digit percentage range from big investors.

Yi He, Binance's other co-founder, also denied the sale rumors, attributing them to competitors using the situation as a public relations strategy. She reassured the crypto community that Binance was more interested in acquiring exchanges than selling.

The Binance Coin (BNB), the exchange's native cryptocurrency, experienced significant volatility during the sale rumors. BNB's price surged by around 20% between February 11 and 13 before plummeting sharply. The price dropped from a daily high of $732.5 on February 13 to $659.4 by the end of the trading session. BNB continued to trade in a tight range until Tuesday morning, eventually falling below the $650 support level.

The denial of sale rumors by Binance's founders has helped to alleviate concerns in the crypto industry. However, the uncertainty surrounding the exchange's future has led to continued volatility in the price of BNB.