TL;DR
- He Yi, co-founder of Binance, has dismissed rumors of the exchange being sold, calling them baseless and linked to competitors.
- Binance remains open to potential partnerships, but there’s no immediate plan for a sale, and the company continues to receive institutional inquiries.
- Despite recent market fluctuations, Binance’s business model remains strong, with its reserve ratios confirming fund security for users.
Binance’s co-founder, He Yi, has responded strongly to circulating rumors that the cryptocurrency exchange is on the verge of being sold. Addressing the allegations, Yi called the speculation “baseless” and insisted that they were fueled by rival companies attempting to stir up misinformation to deflect attention from their own challenges. The rumors had gained traction after a post from a crypto commentator, suggesting that Binance was facing insurmountable regulatory issues and could no longer sustain its growth. However, Yi clarified that Binance remains open to strategic mergers or partnerships, although there is no immediate intention to sell the company.
Strategic Partnerships and Continued Expansion on the Horizon
The cryptocurrency exchange, despite challenges in the broader market, is continuing to engage in negotiations with institutional investors for potential investments and collaborations. He Yi emphasized that the business model of Binance is strong and continues to thrive, even amid recent market volatility.
“We are always in talks with institutions about potential partnerships or acquisitions,”
said Yi He, underlining the fact that Binance’s position remains robust.
Additionally, Yi He addressed concerns over recent market activity, such as the liquidation of significant assets, including the sale of over 24 million XRP. While the exchange reduced its holdings of XRP, BTC, ETH, and SOL, it also shifted its assets into USDC. Yi He explained that these moves were part of treasury adjustments rather than a full liquidation of assets. The exchange also made it clear that user balances have not been affected, and its reserves remain secure.
While there has been some controversy surrounding Binance’s process for listing new tokens and the influence of co-founder Changpeng Zhao in the meme coin space, the company has consistently maintained that these matters will not interfere with its long-term goals. CZ’s recent meme coin post caused a temporary spike in trading volume but has since been criticized for its speculative nature, emphasizing the need for caution in volatile markets.
Binance continues to focus on expansion and strategic alliances rather than a full-scale sale. The exchange’s response to the rumors reflects a commitment to maintaining its leadership in the crypto space despite external pressures.
