Binance Exec Shuts Down Rumors—Crypto Exchange Not Up For Sale

Recent allegations that the biggest cryptocurrency exchange in the world is for sale have been rejected by Binance officials. Rumors circulating on social media about the exchange under negotiations for acquisition abound, however the company’s leadership has refuted these claims.

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Leadership Rejects Sale Allegations

Former CEO and co-founder of Binance, Changpeng Zhao (CZ), explicitly addressed the rumors directly, making it clear that the exchange is not for sale. His comment followed claims that internal reorganization and government pressure were driving the company toward a sale.

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Zhao rejected the rumors in a social media post, labeling them as false and stressing that the crypto exchange is still dedicated to follow its expansion plan. Co-founder, He Yi, also refuted the allegations (in a tweet loosely translated from Chinese), reinforcing that the exchange has no plans for a sale. The executive also said that such assertions could be efforts by rivals trying to discredit the organization.

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Company Eyes Strategic Partnerships Instead

Binance stays open to developing strategic alliances even though it is not selling. Through these partnerships, the company may be able to improve its regulatory compliance system, increase its global profile, and expand its product line. Already securing licenses in more than 21 countries, the company shows its dedication to keep a significant presence in the crypto market.

BNBUSD trading at $651 on the 24-hour chart: TradingView.com

Taking over in November 2023, CEO Richard Teng has focused on increasing compliance and openness. The exchange’s user base under his direction has grown from 170 million to 240 million. The company’s drive for compliance is perceived as a response to growing regulatory inquiry.

Regulatory Challenges Persist

The crypto exchange still has to negotiate legal obstacles, especially in the United States. A US federal judge recently paused the Securities and Exchange Commission lawsuit against the firm for 60 days.

This postponement lets the new SEC task force focusing on cryptocurrencies to review its position on the matter.

Market Response To The News

Though the sale speculations caught the attention of the larger cryptocurrency market, Binance Coin (BNB) held steady. BNB had dropped by about 0.04% in value to trade at $651 at the time of writing. The intraday low was $645, and the intraday high was $681.

Featured image from Gemini Imagen, chart from TradingView