Binance’s CZ open to reviewing offers to sell controlling stake

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As a seasoned analyst with years of experience in the cryptocurrency market, I find Changpeng Zhao’s openness to offers for his controlling stake in Binance intriguing. His pragmatic approach to business and his willingness to adapt to changing circumstances are qualities that have undoubtedly contributed to Binance’s meteoric rise in the crypto world.

According to Changpeng Zhao, the founder of Binance, he’s willing to consider any proposals concerning his majority ownership of the exchange.

It seems Changpeng Zhao, founder of Binance, a leading cryptocurrency platform, has shown interest in entertaining offers for selling his majority share in the exchange. During a conversation with Bloomberg, Zhao didn’t provide specifics about potential buyers or amounts, but he did mention that he remains receptive to considering every proposal put forward.

I’m open to considering all potential offers, but for now, I haven’t made any moves with my shares. At the moment, I’m simply one of many shareholders.

Changpeng Zhao

CZ remains largest shareholder of Binance

In December 2023, Zhao resigned as CEO after reaching a $4 billion settlement with U.S. officials. Since then, he has chosen to stay away from the day-to-day management of the exchange. Richard Teng, who was previously a regulatory official in Abu Dhabi, took over as the new CEO.

Since then, Zhao has redirected his attention towards ventures in artificial intelligence, biotechnology, and his upcoming non-profit organization, Giggle Academy. Although his interests have evolved, Zhao still maintains a substantial 90% ownership of Binance.

At the beginning of November, Zhao dispelled rumors about being barred from overseeing cryptocurrency exchanges. In an interview given to media focusing on cryptocurrencies, he made it clear that his plea bargain did not contain a “lifetime ban” for managing crypto exchanges. He emphasized, “those specific words are absent in my plea agreement with the government.

After being freed from prison, Binance and Zhao’s legal team have requested the dismissal of an updated lawsuit filed by the U.S. Securities and Exchange Commission last month in their ongoing court case. In this submission, the lawyers contend that the SEC’s revised complaint merely pays “formal tribute” to a previous court decision which does not classify cryptocurrency assets as securities.

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2024-11-07 20:10