Binance Co-Founder He Yi dismissed rumors of the crypto exchange being up for sale.
The High-level Binance Executive alluded that the speculation was the work of competitors and Mischief makers.
He Yi took to her X page to dispatch growing rumors that Binance, the largest crypto exchange in the industry, is up for sale. The co-founder explained that such rumors serve as a distraction from the positive milestones Binance recorded.
The Binance Executive explained that Binance receives a ton of offers every month from institutions asking for investment and collaboration opportunities.
She stated that the Crypto exchange is always open to strategic partnerships from institutions and investments it deems worthy.
“ We do not rule out the introduction of strategic partners and are open to mergers and acquisitions. If there are other trading platforms with sales plans, please feel free to contact us. Yi stated.
Binance’s Non-Existent Acquisition History
Despite recurring rumors now and then, there is yet to be an official bid for Binance. Binance in its over 8 years of existence has not officially confirmed an acquisition attempt made for the crypto exchange.
Instead, Binance Limited has been the one on the acquisition side of things acquiring a couple of companies over the years.
Binance has completed seven Acquisitions across sectors, with a heavy focus on cryptocurrencies and Investment Technology.
Binance-backed Crypto brands like blockchain-based travel platform Travala, have received offers worth over $100 million.
Binance Latest Valuation
Binance remains the largest crypto exchange in the industry by market share and trading volume. The platform facilitates a marketplace for its clients to buy, sell, and trade a wide range of cryptocurrencies.
Valuation
Revenue: Binance generated $16.8 billion in revenue in 2023, which is a 40% increase year-over-year.
Trading Volume: In 2023, the annual crypto exchange volume on Binance was $3.4 trillion.
Users: As of October 2023, Binance had an estimated 29.5 million funded accounts.
Peak Trading Volume: Binance’s peak 24-hour trading volume reached $76 billion in 2022.
Binance was hit with a $4.3 billion fine by the US Department Of Justice over the indictment of Changpeng Zhao last year. Binance faces stiff competition from Coinbase in the United States Market.
