Binance up for sale? Co-founders CZ, Yi He refute rumours, but say exchange is open to merger or acquisition

Is Binance, the popular cryptocurrency exchange, getting sold? This seems to be the big question several cryptocurrency users and watchers are asking.

However, Changpeng 'CZ' Zhao, the former CEO of Binance, and co-founder Yi He have firmly denied this and have even called it 'rumour mongering' which are circulating within the crypto community that the popular cryptocurrency exchange is in talks to be sold to another company. The duo dismissed these claims as baseless, accusing competitors of spreading false information to shift focus away from Binance's recent market achievements.

In a detailed post on X, Yi He took aim at the rumours, attributing them to a PR strategy orchestrated by Binance's rivals. She criticized the crypto space’s competitors for allegedly buying articles and using rumour mongering as a diversionary tactic, especially as Bitcoin hits new highs. Yi emphasised that while Binance remains open to strategic partnerships and potential mergers or acquisitions, the circulating claims of a sale were far from the truth.

Yi clarified, "Following the principle of leading investment, every month there will be institutions asking Binance whether it accepts investment and cooperation. We do not rule out the introduction of strategic partners and are open to mergers and acquisitions."

While she expressed openness to exploring business opportunities, she was quick to stress that Binance itself was not up for sale.

Shortly after Yi’s post, CZ echoed her sentiments, specifically calling out small competitors in Asia who were fuelling the rumours. He reiterated that Binance remains a stable and independent entity, with no plans to sell.

"Binance is not for sale," he affirmed.

This comes at a time when Binance is navigating several legal challenges. Earlier this month, a U.S. judge approved a 60-day pause in proceedings related to the U.S. Securities and Exchange Commission’s (SEC) ongoing investigation into Binance. This joint motion, supported by both the SEC and Binance, was designed to allow the SEC’s Crypto Task Force to assist in potentially resolving the case.

On top of the legal pressures, Yi He recently revealed that Binance had conducted over 120 internal audits in collaboration with U.S. law enforcement agencies. As a result, 60 employees were fired for violating company policies, highlighting Binance's commitment to compliance amid a regulatory crackdown. Yi also mentioned that at least two lawsuits and ongoing prosecutions were in progress, underlining the company's efforts to maintain transparency and follow the law.

Despite the ongoing challenges and rumors, Binance remains a key player in the global cryptocurrency exchange market.