Binance CEO denies buying CoinDesk

According to Changpeng Zhao, this business does not meet the parameters of the geographical coverage of the exchange

14.03.2023 - 14:45

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What’s new? Binance cryptocurrency exchange CEO Changpeng Zhao has published a tweet denying rumors about the purchase of the news outlet CoinDesk. “Not “on hold”. Not buying. It may be a good business. But not a fit in our geographic coverage,” Zhao wrote. CoinDesk was put up for sale after parent company Digital Currency Group (DCG) faced liquidity problems with the bankruptcy of its credit crypto company Genesis in January 2023. DCG bought CoinDesk in 2016 for $500 million.

Not “on hold”. Not buying. It may be a good business. But not a fit in our geographic coverage. 🙏 — CZ 🔶 Binance (@cz_binance) March 14, 2023

What else is known? An article by Blockworks claimed that Binance intends to buy CoinDesk for $75 million through crypto market data aggregator CoinMarketCap, which, in turn, the exchange bought back in 2020.

Information about the possible sale of CoinDesk appeared in the media in late November 2022. Back then the portal Semafor reported that one of the proposals voiced a price of $300 million, but it was considered too low.

In January, Cardano blockchain founder Charles Hoskinson allowed the possibility of the purchase of CoinDesk. This came after the WSJ reported that CoinDesk approached Lazard, a consulting firm that deals with mergers and restructuring.

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