Binance CEO Changpeng ‘CZ’ Zhao has denied interest in purchasing the crypto media outlet, CoinDesk.
In a March 14 tweet, Zhao denied Blockwork’s report that his exchange was trying to acquire the media firm through its CoinMarketCap subsidiary.
According to Zhao, Binance is “not buying” CoinDesk because it does not fit its “geographic coverage.”
“Not ‘on hold’. Not buying. It may be a good business. But not a fit in our geographic coverage.”
CoinDesk is a leading crypto media platform belonging to Digital Currency Group (DCG) — the parent company of bankrupt Genesis and crypto investment firm Grayscale.
Reports had revealed that DCG was looking to cash in on the media firm due to the liquidity issues it faced with its bankrupt subsidiary. As of January, CoinDesk CEO Kevin Worth confirmed that the company was shopping for a buyer.
Cardano (ADA) founder Charles Hoskinson confirmed his interest in acquiring the firm. However, he noted that the firm was overpriced at its $200 million valuation.
Meanwhile, this is not the first time that Binance would be tied to an investment with a media firm. In 2022, the crypto exchange made a $200 million investment in legacy media outlet Forbes.
Besides that, the exchange invested around $500 million in Elon Musk’s Twitter purchase.