Binance Selloff News: Co-founder Yi He Settles The Dust of Rumors

Binance selloff news: Ye hi, the co-founder of the crypto exchange has settled the dust from the rumors of a selloff or a potential shutdown ahead. Rumors started floating on social platform X that there’s no end to the regulatory pressure due to a wide disparity between global regulatory bodies. Thus, some predicted that this might force the exchange to either shut down or sell off.

Binance Selloff News: Co-Founder Dismisses Rumor

Co-founder Yi He has addressed circulating rumors suggesting the cryptocurrency exchange is “about to be sold”. she further dismissed the rumors stating that they were baseless claims spread by competitors.

“So the crisis PR strategy of competitors is to buy a lot of articles and spread rumors about Binance to divert attention?” wrote Yi He followed by a thumbs down emoji reaction on the X platform.

In a statement, He Yi clarified that Binance regularly engages with institutions for investment and cooperation discussions. While the company is open to exploring partnerships and acquiring other exchanges, there is no current plan for a sale.

“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,” she added.

Binance Lawsuit Development

Last week, the crypto exchange and the U.S. Securities and Exchange Commission (SEC) filed a joint motion with the court to pause the ongoing Binance lawsuit for a minimum of 60 days. Reportedly, this development comes amid the formation of the new crypto task force under the leadership of SEC Commissioner Hester Peirce.

Both parties acknowledge that the task force’s efforts could influence the resolution of the case. At the conclusion of the 60-day period, they will provide a status report indicating whether an extension is necessary. The temporary pause will help to preserve resources and potentially eliminate the need for additional court proceedings if an early resolution is achieved.

CZ Weighs on Listing Process

Co-founder Changpeng Zhao has weighed on the token listing process on the exchange calling it faulty. He said that most crypto tokens take hours to list on centralized exchanges (CEXs) like this after getting listed on decentralized exchanges (DEXs). This offers a playground for pump and dump.

“As an observer, I think the Binance listing process is a bit broken. They announce, then list 4 hours later. The notice period is necessary, but in those 4 hours, the token prices go high on DEXes, and then people sell on CEX,” Zhao wrote.

Thus, CZ has requested the centralized exchanges (CEXs) to be more efficient and reduce the time period of listing between CEXs and DEXs.