CZ and Yi He Respond to ‘Binance Being Sold’ Rumors

Changpeng ‘CZ’ Zhao, the former CEO of Binance, and co-founder Yi He have both denied the circulating rumors that Binance is in the process of being sold to another company. Both executives stated that these rumors were fabricated by competitors looking to undermine Binance’s position in the market.

Yi He, in a recent post, addressed the crypto community’s speculation that a cryptocurrency exchange was negotiating a sale to acquire Binance. She strongly refuted these claims, calling them part of a “public relations strategy” by Binance’s competitors. According to Yi, these competitors are allegedly paying news outlets to spread false rumors about Binance, particularly after Bitcoin hit a new high.

Yi further explained that despite these rumors, Binance is not for sale. She clarified that the company receives monthly inquiries from institutions about potential investments and partnerships. She emphasized that while Binance is open to strategic partnerships and does not rule out the possibility of mergers and acquisitions, it is not actively seeking to sell the company.

CZ echoed Yi’s sentiments, specifically addressing smaller competitors in Asia who had been fueling the rumors. He confirmed that Binance is not for sale and stated that the rumors were just attempts by competitors to cause unnecessary commotion in the market.

Yi also took the opportunity to express Binance’s openness to the idea of acquiring other cryptocurrency exchanges that may be looking to sell. She invited trading platforms with sales plans to get in touch with Binance.

Adding to the ongoing speculation, an anonymous source shared an article suggesting that Binance might be sold to a decentralized exchange (DEX) as it allegedly could not maintain its upward growth trajectory. However, the exact identity of the DEX mentioned remains unclear, and traders on X (formerly Twitter) are still unsure which exchange is being referred to.

In addition, on February 11, U.S. District Judge Amy Berman Jackson approved a 60-day pause in the case between the SEC, Binance, and former CEO CZ, following a joint motion. This pause could allow the SEC’s Crypto Task Force to assist in resolving the case.

Earlier in February, Yi He disclosed that Binance had conducted over 120 internal audits with U.S. law enforcement, which resulted in the dismissal of 60 employees for violating company policies. She also mentioned that Binance is currently involved in at least two ongoing lawsuits and legal proceedings.

In conclusion, both Yi He and CZ have firmly denied the sale rumors and made it clear that Binance is open to strategic partnerships and acquisitions, but not actively seeking to be sold.