Binance reportedly Trying to Acquire Global Wealth Funds to have a Stake in Exchange

Binance CEO Changpeng Zhao is the largest shareholder of Binance, with estimated net wort of $8 billion in early 2021.

Binance, the world’s largest cryptocurrency exchange, is reportedly in talks with sovereign global wealth cash to promote a stake in the company.

In addition to planned “mega funding” for its United States-based enterprise Binance.US, Binance is now also in search of international funding to enhance relationships with regulators, Binance CEO Changpeng Zhao stated in a Tuesday in an interview.

According to Zhao, the upcoming funding is aimed to improve its “perception and relationships” with many governments as more than one monetary regulator across the globe have been cracking down on Binance this year.

“But it may also additionally tie us to particular countries, which we want to be barely careful with,” the CEO noted.

As Binance is currently at the preliminary ranges of discussions, it’s still early to disclose the names of wealth funds involved in the capital raising, Zhao said. “The ticket measurement concerned will not be small. It won’t be a quick process.”

Being the largest shareholder in Binance, Zhao is one of the world’s richest men in the cryptocurrency industry, with a complete net real worth estimated at $8 billion as of January 2021.

According to the CEO, Binance’s daily transaction volumes surged up to $170 billion in November 2021 from simply $10 billion to $30 billion two years ago. Binance.US, the American enterprise running separately from the global Binance exchange, is planning to increase a “couple hundred million dollars” by way of early 2022.

Global regulators have been an increasing number of scrutinizing the Binance alternate this year, with at least a dozen of governments publishing warnings in opposition to the firm, inclusive of nations like the United States, the United Kingdom, Italy, Canada, Japan, Singapore, Germany and others.

Binance has taken a variety of measures to enhance its relationships with international regulators, halting some of its services in positive nations and hiring high-profile executives from common finance.

Zhao reportedly said he was once not involved about unlawful recreation on Binance’s platform due to the fact the corporation was “probably higher than banks” related to Know-Your-Customer (KYC) and Anti-Money Laundering (AML) insurance policies and measures.


Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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