Binance CEO Zhao Taking Different Acquisition Tack Than FTX's Bankman-Fried

Both have said they're willing to spend $1 billion in deals this year.

AccessTimeIconOct 7, 2022 at 3:18 p.m. UTC
Updated May 9, 2023 at 3:58 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

While FTX's Sam Bankman-Fried has been pouring money into distressed assets, saying he has at least $1 billion to spend on such moves, Binance CEO Changpeng Zhao's acquisition strategy has focused on expanding into publishing, decentralized finance (DeFi) and non-fungible token (NFT) projects.

"We did look at a lot of lenders in recent months, because that’s where all the issues are," Zhao told Bloomberg in an interview. "Many of them, they just take a user’s money and give it to somebody else. There’s not a lot of intrinsic value. In that case, what’s to acquire? We want to see real products that people use."

Binance so far this year has committed $325 million to 67 projects, according to the article. A $200 million investment into Forbes and $500 million of financing towards Elon Musk's Twitter takeover remain on the table – those deals could take the spend to more than $1 billion for 2022. By comparison, the company invested $140 million across 73 projects in 2021.

Zhao added that Binance may have interest in taking stakes in traditional e-commerce and gaming companies in the future.


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

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Stephen  Alpher

Stephen Alpher is CoinDesk's managing editor for Markets. He holds BTC above CoinDesk’s disclosure threshold of $1,000.

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 to register and buy your pass now.

Read more about