Changpeng Zhao and Yi He Reject Rumors of Binance Sale, Accuse Asian Competitor of Destabilization
Changpeng ‘CZ’ Zhao, co-founder and former CEO of Binance, has firmly denied rumors that the exchange is up for sale. CZ denounced the claims as an attempt by an Asian competitor to destabilize Binance, stating that Binance is ‘not for sale’. Yi He, co-founder and head of customer service, reinforced this message by suggesting that Binance, instead of seeking to sell, might consider acquiring its rivals.
Confusion Fuelled by Asset Movements
The speculation arose after a significant decrease in Binance’s holdings, which were initially reported by CoinAcademy. The platform quickly clarified the situation, explaining that it was a simple accounting adjustment within their treasury and not related to any asset sale.
Binance: A Company Under Constant Surveillance
As the world’s leading cryptocurrency exchange, Binance is constantly under regulatory scrutiny. After serving a four-month prison sentence for violating US money laundering laws, CZ stepped down and Richard Teng took over. Teng is now focused on strengthening regulatory compliance as Binance faces international investigations.
Ongoing Investigation in France and Temporary Reprieve in the United States
In France, authorities are investigating Binance for money laundering and tax fraud, particularly in relation to drug trafficking from 2019 to 2024. Binance strongly denies these allegations, but the investigation by the Paris prosecutor’s office adds another legal challenge to the already pressured platform.
Despite these turbulences, Binance’s legal outlook in the United States appears to be improving. An agreement between the SEC and Binance has temporarily suspended their legal proceedings for 60 days, allowing both parties to assess the need for an extension or resumption of the lawsuit.
