Key Takeaways
- Binance co-founders He Yi and Changpeng Zhao have denied rumors about a potential sale, labeling them as competitor-driven misinformation.
- He Yi emphasized Binance’s openness to strategic partnerships and acquisitions but dismissed claims of selling the platform.
- Recent asset movements in Binance’s treasury sparked speculations, which the company clarified as routine accounting adjustments.
In response to speculation that Binance is on sale, co-founder He Yi strongly refuted reports of sale rumors, saying that they were mere moves by its competitors to instill fear and doubt. The exchange is constantly speaking to institutions that are considering investing or partnering but remains committed to its independence, says He Yi.
Addressing the rumors, He Yi posted that the exchange sale reports were false and were part of a broader plot by its competitors to undermine the platform. She reiterated that the exchange is prepared to form strategic deals or buy out other exchanges but that there were no plans to sell off the company. “If there are other trading platforms with sales plans, please feel free to contact us,” she added.
Changpeng Zhao Reassures Binance’s Stability
Changpeng Zhao, co-founder of Binance and ex-CEO, also dismissed the rumors. With a cutting tweet on X (former Twitter), Zhao called reports of selling the exchange “FUD” by an Asian-based rival. Zhao declared that there is no sale on cards and is continuing to have interest from top-notch global investors.
Zhao elaborated, explaining that while the exchange will make occasional small-sized investments, that will never constitute a single-digit percentage of ownership. “As a shareholder, Binance is never up for sale,” he declared, securing the company’s position as a global leader of the cryptocurrency market.
Asset Movements Trigger Speculations
The rumors were driven by apparent changes in assets held by the exchange. On February 11, X user AB Kuai.Dong noticed that there had been a sharp fall in Binance’s assets held of Bitcoin and Ethereum. The observation created speculations on the exchange’s financial health, where people were asking if the company is offloading assets.
However, Binance acted fast to clear up the matter by explaining that movements were not sale or financial distress-related but were actually routine adjustments of Binance Treasury bookkeeping practice. The company also assured customers that assets engaged were historical revenues of its company and were never customers’ funds.
The exchange further stated that its converted funds were mostly invested in stablecoin USDC, whereas very little movement occurred on its native token, BNB. Despite speculations that have been circulating, the exchange is still a resilient and sturdy player within the cryptocurrency market, continuing its exploration of avenues of expansion while ignoring unsubstantial rumors.
Related Reading | Bitwise Hails Bitcoin as ‘Generational Opportunity’ Amid Economic Turmoil