Binance Seeks Investments From Sovereign Wealth Funds

Binance is in preliminary discussions with “several” sovereign wealth funds about investing in its global entity, CEO Changpeng “CZ” Zhao said in a Nov. 23 interview with the Financial Times, declining to name any specific funds.

Zhao hopes that Binance’s “perception and relationships” with regulators around the world would improve if sovereign wealth funds took a stake in the company, according to the report. “But it may also tie us to specific countries[,] ... which we want to be slightly careful with,” Zhao said.
Binance has been under the regulatory microscope in jurisdictions ranging from Japan to Singapore.
Binance’s U.S. entity will be closing pre-initial public offering funding of “a couple hundred million” in the next one to two months, the CEO said last week.
The exchange is also looking to set up global headquarters, a 360-degree turn from its decentralized operations model.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Eliza Gkritsi

Eliza Gkritsi is CoinDesk's crypto mining reporter.

Follow @egreechee on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.