Binance Not For Sale: Exchanges Executives Deny Rumors
The executives of Binance, the largest crypto exchange by trading volume, have denied growing speculation that the platform is for sale.Amid escalating rumors that Binance is undergoing a change in ownership, its major stakeholders have debunked the speculations. Responses from co-founders Changpeng Zhao (CZ) and Yi He maintained that the exchange was not for sale but could entertain strategic partnerships and corporations.The rumors came from an X post that claimed Binance is looking to sell off its platform amid growing regulatory difficulties. It also claimed that decentralized exchanges (DEX) seem to be gaining momentum over the exchange, making the long-term viability of Binances business unsustainable.Classical PR Strategy from CompetitorsYi responded to the rumors in a tweet loosely translated from Chinese, branding them a crisis PR strategy from competitors. She noted that Binance and other trading platforms have established themselves as a verified business model in the crypto space, reinstating their sustainability.https://twitter.com/heyibinance/status/1891410380536074582Furthermore, the Binance chief customer service officer disclosed that Binance periodically receives inquiries from institutions asking for collaboration. She noted that although the exchange is open to mergers and acquisitions, the enterprise itself is not for sale.CZ Says 4The former Binance CEO also quickly dispelled speculation that Binance was for sale. In his tweet, he reiterated his popular 4 mantra. For perspective, the number originated in 2023, and CZ has persistently leveraged it to discard FUD concerns around Binance and the broader crypto ecosystem.https://twitter.com/cz_binance/status/1891454582871519714Meanwhile, speaking further, CZ confirmed the growing interest in Binance amid its giant strides. While the shareholders are not currently considering any offer, the former CEO stated they may allow percentage investments in single digits in the future.Binance Weathering the StormsAs the leading cryptocurrency exchange by trading volume, Binance has always been in the public eye. While this may come with substantial interest from key institutional players, the platform has had its share of criticisms and scrutiny.Recently, Binance had to reassure users that it was not selling its crypto stash. Reports made headlines that the exchange had sold a large portion of its crypto assets, including Bitcoin and XRP.However, the leading trading platform insisted its crypto bags are still intact. It noted the change in reserve balance was a simple adjustment in its treasury accounting process.Binance has also successfully handled persistent regulatory fallouts, one of which resulted in CZ's imprisonment for four months and a $4.3 billion fine.
Text source: The Crypto Basic
