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

Binance founder Changpeng Zhao says he is open to reviewing offers for his controlling stake in the exchange.

Changpeng Zhao, the founder of crypto giant Binance, appears to be open to offers to sell his controlling stake in the exchange. In a recent interview with Bloomberg, Zhao did not disclose any details on the buyers nor amounts, though he pointed out that he is still “happy to review every offer.”

“I’m not saying that I’m going to hold onto the equity forever or not. I’m happy to review every offer, but so far I haven’t done anything. But, you know, I’m just a regular shareholder at this point.”

Changpeng Zhao

CZ remains largest shareholder of Binance

After stepping down as CEO in late 2023 following a $4 billion plea deal with U.S. authorities, Zhao has distanced himself from the exchange’s daily operations. Richard Teng, a former Abu Dhabi regulator, replaced him as the new CEO.

Zhao has since shifted his focus to investments in artificial intelligence, biotech, and his non-profit venture, Giggle Academy, which has yet to launch its services. Despite these changes, Zhao remains the largest shareholder of Binance, holding an estimated 90% stake.

In early November, Zhao addressed speculation about being prohibited from leading the exchange. In an interview with crypto media, he clarified that his plea agreement did not include a “lifetime ban” on managing crypto exchanges, stating, “those two words don’t exist in my plea agreement with the government.”

Following his release from prison, lawyers representing Binance and Zhao filed a motion to dismiss an amended complaint submitted by the U.S. Securities and Exchange Commission last month in the ongoing legal battle. In the filing, the lawyers argue that the SEC amended complaint pays “lip service” to the court’s previous ruling that doesn’t recognize crypto assets as securities.