CZ says Binance could sell a minority stake in the company ‘over time’

Founder Binance CEO Changpeng Zhao took to social media on Monday to dispel any rumors the exchange is for sale."Some lowly self-perceived competitor in Asia fudding about Binance (CEX) for sale," Zhao said in a post on X. The Binance founder, who recently ended a prison sentence in the U.S., was responding to comments on social media speculating about why the exchange may be offloading assets. Although Zhao, often referred to as CZ, denied the notion that Binance is selling off portions of the company, he did suggest Binance may eventually entertain the prospect of taking on minority shareholders. "Top investors have always been interested in Binance," he said. "Over time, we may allow some investments in the single-digit percentage range."Binance co-founder Yi He also took to X to say that the company is frequently approached about potentially taking on new investors while simultaneously teasing the exchange might be interested in mergers and acquisitions.After serving four months in U.S. prison on money laundering charge, CZ recently assumed an “active role” in investment activities at YZi Labs, formerly known as Binance Labs. The cryptocurrency exchange CZ founded, Binance, is the world's largest by trading volume.Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.