Saturday, May 25, 2024

Binance wants global wealth funds to get a stake

CEO of Binance, Changpeng Zhao, is the biggest shareholder of the exchange. His network was estimated at $8 billion in the beginning of 2021. Binance, the biggest crypto exchange, is reportedly talking to global wealth funds and wants to sell them a stake in the company.

In an interview with the British Financial Times on Tuesday, Binance CEO Changpeng Zhao said that in addition to planning to provide “mega funding” for its US business Binance.US, Binance is now seeking global funding to improve its relationship with regulators.

As stated by Zhao, the funding is meant at improving his “cognition and relationships” with many governments, as multiple financial regulators around the world have been cracking down on Binance this year.

“But it may also tie us to specific countries, which we want to be slightly careful with,” the CEO pointed out.

Zhao said that because Binance is currently in the preliminary stages of discussion, it is too early to disclose the names of the wealth funds participating in the fundraising. “The number of votes involved will not be small. This will not be a short process.”

In the cryptocurrency industry, CZ is one of the richest men. In January 2021, his net worth was estimated at $8 billion.

As stated by Zhao, The daily transaction volumes on Binance raised to $170 billion, while two years ago, it was only $10 to $30 billion. The American business Binance.US, which is operating separately from the global Binance exchange, wants to raise a “couple hundred million dollars” before the end of 2022.

This year, global regulators are increasingly rigorous in scrutinizing the Binance Exchange. At least a dozen governments have issued warnings to the company, including the United States, the United Kingdom, Italy, Canada, Japan, Singapore, Germany and other countries.

According to Zhao, Binance has improved its relationship by taking a couple of measures. Zhao is not afraid of illegal activity on Binance’s platform because he claims that the company was “probably better than banks” regarding Know-Your-Customer (KYC) and Anti-Money Laundering (AML) policies and measures.

For more information about crypto exchanges, please visit our cryptocurrency exchange news page!

Donat - CryptoCoinia
Donat - CryptoCoinia
Copywriter at CryptoCoinia.

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