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

Binance founder Changpeng Zhao said he is open to examining offers for a controlling stake in the exchange.

Changpeng Zhao, founder of crypto giant Binance, seems open to offers to sell his controlling stake in the exchange. In a recent interview with Bloomberg, Zhao did not disclose any details about buyers or amounts but still stated that he was “happy to review every offer.”

“I’m not saying I will or won’t hold equity forever. I’d be happy to consider any offer, but so far I’ve done nothing. But you know, I’m just a regular shareholder at this point.”

Changpeng Zhao

CZ remains Binance’s largest shareholder

Zhao distanced himself from the exchange’s day-to-day operations after stepping down as CEO in late 2023 following a $4 billion settlement with U.S. authorities. Richard Teng, a former Abu Dhabi regulator, has been appointed as the new CEO in his place.

Zhao has since shifted his focus to investments in artificial intelligence, biotechnology, and his nonprofit startup Giggle Academy, which has yet to launch its services. Despite these changes, Zhao remains Binance’s largest shareholder, owning an estimated 90% stake.

In early November, Zhao addressed speculation that he had been banned from running the exchange. In an interview with crypto media, he clarified that the plea agreement does not include a “lifetime ban” on managing crypto exchanges, noting that “those two words were not included in the plea agreement I made with the government.”

Following his release from prison, lawyers representing Binance and Zhao filed a motion to dismiss the amended complaint filed last month by the U.S. Securities and Exchange Commission in the ongoing legal battle. In the filing, the attorneys argue that the SEC amended its complaint, giving “lip service” to the court’s previous decision not recognizing crypto assets as securities.