Zhao Denies Binance Sale amid Asset Moves and Calls It a “Treasury Adjustment”

Binance Co-Founder and former CEO Changpeng Zhao has denied rumors that the cryptocurrency exchange is for sale.

Co-founder Yi He also addressed the rumors. She claimed they were part of a PR strategy by a competitor and suggested that Binance would rather acquire exchanges than sell, Cointelegraph reported.

Sale Speculation Follows Binance Asset Moves

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

4. Some lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale.😂As a shareholder, Binance is not for sale.Top investors have always been interested in Binance. Over time, we may allow some investments in the single-digit percentage range.🤷‍♂️

The speculation followed the movements of Binance’s assets. On February 11, X user AB Kuai.Dong highlighted a significant reduction in the exchange’s holdings, including Bitcoin. Binance has denied that the changes were linked to asset sales, stating that they were “simply an adjustment in the Binance treasury’s accounting process.”

BINANCE AND CZ DISMISS SALE RUMORS- Former Binance CEO Changpeng ‘CZ’ Zhao and co-founder Yi He have denied circulating rumors that @Binance is being sold to another company.- They assert that these rumors are false and originate from competitors attempting to divert market… pic.twitter.com/za5jS6KC3w

Zhao Receives Offers for Binance Shares

Zhao recently completed a four-month prison sentence after pleading guilty to violating US Anti-Money Laundering laws. Following his exit, Richard Teng became CEO and has focused on regulatory compliance as Binance faces legal challenges.

Zhao told Bloomberg in a recent interview that he has received offers to sell his controlling stake in Binance. He did not, however, disclose the identities of those interested in purchasing shares of the exchange.

“I’m not saying that I’m going to hold onto the equity forever or not,” Zhao said in his first interview after his release. “I’m happy to review every offer, but so far I haven’t done anything. I’m just a regular shareholder at this point.”

Zhao holds a 90% stake in Binance, which he founded in 2017. His net worth is estimated at $61 billion.