Binance Seeks Investments From Sovereign Wealth Funds

The cryptocurrency exchange’s global entity is looking to ameliorate its relationships with governments.

Nov 23, 2021 at 6:57 a.m. UTC
Updated Nov 23, 2021 at 3:30 p.m. UTC

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

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.

Eliza Gkritsi is a CoinDesk news reporter based in Asia.