- Changpeng Zhao and Yi He denied the Binance sale rumor.
- Crypto stakeholders are relieved following the denial of Binance’s sale rumor.
- BNB experienced volatility amid the Binance sale rumor.
The crypto industry breathed a sigh of relief when Binance founders Changpeng Zhao and Yi He said no to a sale.
In a post on X, Cardano founder Charles Hoskinson even joked that US special government employee Elon Musk looked relieved after Zhao and He’s no-sale statement.
Sale Rumors Sparked by Asset Moves: Binance Says “Accounting”
Binance sale rumors started doing the rounds last week after crypto users noticed big changes in the crypto exchange’s assets. The firm’s crypto assets balance, including Bitcoin, went down a lot.
Binance said that the drop in digital asset holdings was not because of plans to sell the exchange. Instead, it claimed the move was just part of changes in Binance’s treasury accounting process.
Related: Binance’s Massive Crypto Sales Spark Speculation: Secretly Paying $4.3B DOJ Fine?
CZ Blames “Asian Competitors” for Sale FUD
Last Monday, Zhao, Binance’s main shareholder with 90% of the crypto exchange’s shares, said the sale rumor came from Asian competitors. According to Zhao, the competitor’s goal is to spread FUD, nothing else.
At the same time, he made it clear that Binance is not for sale. Zhao added that instead of selling, big investors are interested in Binance, and the current owners might allow some investments in the single-digit percentage range later on.
Related: Binance Weathers Regulatory Storms & Expands. How Does the Crypto Giant Keep Growing?
Co-Founder Yi He Echoes CZ’s Denial, Hints at Acquisitions
Around the same time, He, Binance’s other co-founder, also said the sale rumor was false. Like Zhao, He said it was competitors doing it.
The co-founder mentioned that the unnamed competitor used the rumor as a PR strategy but assured crypto community members that Binance would rather buy exchanges than sell.
BNB Price Swings Wildly – Uncertainty Remains
The Binance exchange native crypto BNB went through major volatility during the sale rumor. BNB’s price jumped up about 20% between February 11 and 13 before falling sharply.
The price dropped quickly from a $732.5 daily high on February 13, going down to $659.4 before the end of the trading session according to data from TradingView.
BNB stayed in a tight sideways range until Tuesday morning before the price kept going downward, falling below the $650 support and trading for $648.7 at the time of writing.
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