Binance’s He Yi Responds to Rumors About Exchange Being Sold

He Yi, the co-founder of the world’s largest crypto exchange, Binance, has refuted rumors about the digital asset trading platform getting sold, clarifying that competitors are spreading such news.

According to a tweet by the Binance executive, the rumors are a result of competitors buying a lot of articles and spreading a lot of information to divert the exchange’s attention. Yi termed this a “crisis PR strategy.”

Binance For Sale?

Yi’s tweet came in response to another X post that tagged the information received months ago about Binance selling its business accurately. A screenshot shared by the X account, CloakMK, insisted that Binance can no longer maintain the upward trend in the industry, particularly with crypto policies.

“The future belongs to dex…It cannot solve the problem of Westerners not recognizing that Easterners have power in an important field, but the counterparty is not yet known,” the screenshot stated.

After debunking the news, Yi explained that Binance receives monthly inquiries about investments and collaborations in its business from several institutions. Although the exchange is currently not for sale, its executives have not ruled out mergers, acquisitions, and the introduction of strategic partners. Yi encouraged crypto trading platforms with sales plans to contact the Binance team, stating that the exchange has been established as a “business model for ecological verification” since bitcoin (BTC) hit a record high.

CZ Chips In

Adding to Yi’s comments, Binance co-founder and former CEO Changpeng Zhao (CZ) further debunked the news. He explained that as a shareholder, Binance is not for sale, attributing the news to “some lowly self-perceived competitor in Asia fudding about” the false news.

In other words, CZ asserted that a rival exchange in Asia is trying to use news of the sale to trigger fear, uncertainty, and doubt (FUD) about Binance’s operations, causing investors to lose confidence in the platform and possibly exit in droves.

CZ echoed Yi’s words, revealing that investors have always been interested in Binance and that the exchange may allow single-digit percentage investments over time.

Meanwhile, the United States Securities and Exchange Commission (SEC) has halted its lawsuit against Binance for sixty days as the agency evaluates its crypto regulation and enforcement approach.