Binance denies interest in buying CoinDesk

Changpeng Zhao denies rumors of purchase and claims this is yet another smear

Negocios March 14
News Mundocrypto

Binance CEO Changpeng 'CZ' Zhao has denied that the exchange is interested in acquiring crypto media outlet CoinDesk through its subsidiary CoinMarketCap. According to Zhao, the media company does not fit his "geographic coverage." This announcement contradicts Blockwork's report, which claimed that Binance was trying to acquire CoinDesk.

Smear after smear

According to sources, Binance Capital Management (BCM) was exploring ways to acquire CoinDesk. BCM, registered in the British Virgin Islands, has been exploring ways to buy the company through its subsidiary CoinMarketCap, a Delaware corporation, according to Blockworks. Those talks were said to be on hold at this time. 

However, the truth always comes out and, in this case, CZ has quickly debunked this claim. 

Other buyers who ARE interested

CoinDesk is owned by Digital Currency Group (DCG), the parent company of Genesis and Grayscale. Reports suggest that DCG was looking to sell the media company due to liquidity issues with its bankrupt subsidiary, Genesis. CoinDesk CEO Kevin Worth confirmed that the company was looking for a buyer in January.

Cardano founder Charles Hoskinson confirmed his interest in acquiring CoinDesk, but noted that the company was overvalued at its $200 million valuation.

Binance has been linked to an investment with a media outlet in the past. In 2022, the cryptocurrency exchange made a $200 million investment in Forbes. Despite this, Binance is not interested in acquiring CoinDesk at this time.