CZ Refutes Binance Sale Rumors After Recent Asset Transfers

Binance co-founder Changpeng Zhao (CZ) has denied speculation that the cryptocurrency exchange is up for sale.

The former CEO has dismissed the claims as misinformation spread by competitors.

Competitor Misinformation

“Some lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale,” Zhao stated on February 17 in a post on X. “As a shareholder, Binance is not for sale.”

However, he acknowledged that top investors have always shown interest in Binance. He added that the company might allow future investments within the single-digit percentage range.

Zhao’s remarks followed similar comments from the exchange’s other co-founder, Yi He, earlier in the day. She stated that these claims were part of a “public relations strategy” used by competitors to divert market attention, particularly after Bitcoin reached a new high. Yi further clarified that while Binance is not for sale, the company remains open to mergers, acquisitions, and strategic partnerships.

The speculation emerged after reports of significant asset movements within Binance. On February 11, X user AB Kuai.Dong highlighted a notable reduction in the platform’s holdings, including its Bitcoin assets. However, the crypto exchange has since denied that these changes were linked to asset sales, explaining that they were part of an internal treasury accounting adjustment.

Zhao recently completed a four-month prison sentence after pleading guilty to violating U.S. anti-money laundering laws. In an interview with Bloomberg following his release, he disclosed that he had received offers to sell his controlling stake in Binance.

However, the executive did not reveal the identities of those interested. Instead, CZ said that while he has not acted on any offers, he remains open to reviewing them in the future.

Regulatory Challenges and Shifts

Meanwhile, Binance still faces ongoing regulatory challenges. The company is under increased scrutiny in France, where authorities have reportedly launched an investigation into allegations of money laundering and tax fraud.

According to a Reuter’s report, the Paris Public Prosecutor’s Office is examining the firm’s activities between 2019 and 2024. This includes potential links to money laundering associated with drug trafficking. Binance has denied all allegations.

On a positive note, the exchange’s legal situation appears to be shifting in the United States. On February 10, together with the U.S. Securities and Exchange Commission (SEC), it filed a joint motion to pause the ongoing legal case for 60 days.

Both parties believe work being done by a recently constituted crypto task force could influence and assist in the possible resolution of the case. The request has since been approved, showing progress in the country’s legal situation regarding the exchange.