Binance Founders Refute Rumours of Potential Crypto Exchange Sale

Binance co-founders Changpeng Zhao and Ye Hi have refuted rumours that claim that the Binance crypto exchange is for sale. Both Zhao and Hi have refuted claims that the centralised exchange is looking for a buyer. Binance is touted to be the largest crypto exchange in the world in terms of total trading volume. It's currently unclear how the speculation related to the potential sale of Binance began, but As Zhao says that a ‘competitor' in Asia is behind the rumour.

Zhao was first to deny the rumour via his X (formerly Twitter) handle on February 17. “Some lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale. As a shareholder, Binance is not for sale,” the former CEO of Binance said.

On the other hand, Binance co-founder Hi, who presently serves as the Chief Customer Service Officer at Binance, seconded Zhao in highlighting that the speculation was part of a competitor's ‘crisis management strategy'.

“Since Bitcoin's price broke through new highs, trading platforms have proven to be a viable business model as part of the ecosystem. Following the principle of investing in the leaders, every month, institutions come to ask if Binance accepts investments and partnerships. We do not rule out introducing strategic partners, and we are open to mergers and acquisitions. If other trading platforms have plans to sell, please get in touch,” Hi said replying to an X user who asked for a clarification on Binance's sell-off plans, if any.

Zhao said that “top investors have always been interested in Binance” and that in due time the company may allow some investments in the “single-digit percentage range”. He did not share details on which investors have expressed an interest in acquiring a stake in the company.

According to CryptoSlate, the exchange has recently processed on-chain readjustments to its balance sheets. This step by the exchange had reportedly added to the rumours of the exchange considering a sell-off. The exchange told the publication that it is not selling its assets.

Zhao is reportedly the largest stakeholder of the exchange, controlling over 90 percent of the company.

Last year, during the Binance Blockchain Week held in Dubai, the crypto mogul had mentioned the offers that he received for a portion of his stake in Binance. At the time he said that while he did review the offers, he did not decide to indulge in selling a part of his stake in the exchange.

Binance is presently focussed on its international expansion. It recently completed its registration with India's Financial Intelligence Unit (FIU) to legitimise its operations in the world's most populated nation. The exchange paid a penalty of $2.25 million (roughly Rs. 18.8 crore) for violating the Prevention of Money Laundering Act, 2002 (PMLA) to complete its FIU registration.

In a recent statement shared with Gadgets 360, the company said that the exchange anticipates several key blockchain developments and major token unlocks in February and beyond. The exchange also expressed excitement on India accelerating its work on defining the rules to oversee the growth of the crypto sector, while safeguarding its investor community and national financial stability.

“The continued growth of the global crypto market, driven by rising institutional interest, favorable regulatory developments, and innovations in DeFi, signals a strong future for the industry. Notably, India's expanding role—bolstered by increasing institutional participation and a thriving blockchain developer ecosystem—further underscores the industry's shift towards mainstream adoption,” said Vishal Sacheendran, Head of Regional Markets at Binance.

The exchange is also facing legal hurdles in countries like Australia and France over issues like non-compliance with crypto-related laws and allegation of facilitating fraud.