Binance, the world’s largest cryptocurrency exchange, has been the subject of intense speculation regarding a potential selloff or shutdown. Rumors circulating on social media platform X suggested that mounting regulatory pressure could force Binance to either sell or cease operations. However, co-founder Yi He has stepped in to put these rumors to rest.
Yi He Dismisses Binance Selloff Rumors
Yi He addressed the speculation head-on, calling it baseless and attributing the rumors to misinformation spread by competitors. She reaffirmed that Binance is not for sale and emphasized the company’s commitment to long-term growth.
While Binance regularly engages in discussions with institutions for potential investments and partnerships, Yi He clarified that there are no current plans to sell the exchange. Instead, Binance remains focused on expansion, exploring opportunities to acquire other exchanges and strengthen its position in the crypto market.
Binance Lawsuit: Temporary Pause in Proceedings
In a significant legal development, Binance and the U.S. Securities and Exchange Commission (SEC) have jointly requested a 60-day pause in their ongoing lawsuit. The decision aligns with the establishment of a new crypto task force led by SEC Commissioner Hester Peirce.
Both parties acknowledge that the task force’s work could impact the resolution of the case. At the end of the 60-day period, they will provide a status update to determine if further extension is required. This temporary pause aims to conserve resources and may potentially lead to an early resolution without additional legal proceedings.
CZ Criticizes Token Listing Process on CEXs
Meanwhile, Binance’s former CEO and co-founder, Changpeng Zhao (CZ), has voiced concerns about the inefficiencies in the token listing process on centralized exchanges (CEXs). CZ highlighted the delay between a token’s listing on decentralized exchanges (DEXs) and CEXs, which often creates an environment for pump-and-dump schemes.
He urged centralized exchanges to expedite their listing procedures to ensure a fairer trading environment and minimize market manipulation.
Also Read: Binance Founder CZ Faces Backlash as Broccoli Memecoin Crashes, Investors Burned
Despite the swirling rumors, Binance remains steadfast in its operations. With co-founder Yi He dismissing selloff claims, a legal pause in the SEC case, and ongoing efforts to improve market transparency, Binance continues to navigate the evolving crypto landscape with resilience.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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