Binance’s Changpeng Zhao Open to Reviewing Offers for Controlling Stake
Binance founder and former CEO, Changpeng Zhao, aka CZ, has reportedly told Bloomberg he is open to reviewing offers for his controlling stake in the world’s largest cryptocurrency exchange. According to the report, Zhao confirmed he remains open to such offers but hasn’t taken concrete action to sell his shares, adding that he currently retains an estimated 90% stake in Binance.
Change in Binance’s Leadership
After a landmark plea deal with the U.S. government at the end of 2023, he resigned as CEO of Binance. He was succeeded by Richard Teng, who came from being the Abu Dhabi official in charge of regulating the local financial center, in one of the most significant changes to the Binance leadership setup. Since then, Zhao has, for the most part, distanced himself from daily operations to focus on investments in the likes of artificial intelligence and biotech, among other lines of business, plus a philanthropic effort called Giggle Academy.
Legal Challenges and Speculation
Outside of the daily grind, CZ is still battling his fair share of legal challenges. Most recently, Binance and Zhao’s legal team filed a motion to dismiss an amended complaint by the U.S. Securities and Exchange Commission. The complaint by the SEC essentially suggests the firm operated unchecked; however, lawyers for Zhao have argued that the complaint misrepresents prior court rulings. Zhao has also clarified that his plea deal does not impose a lifetime ban on his involvement in crypto exchanges.
Future of Binance as Potential Stake Sale Looms
The openness by Zhao toward a potential sale is a sign of the continuing evolution at Binance. Torn between regulatory challenges and changing leadership, the crypto community will continue watching what Zhao does next. His actions still drive Binance’s strategy as the largest shareholder.
