On Wednesday, Binance, the world's largest cryptocurrency exchange, announced a $2 billion investment from MGX, a UAE-based, state-backed investment firm. This investment, made in stablecoins, grants MGX a minority stake in Binance. CEO Richard Teng emphasized the deal's significance for the crypto industry. MGX, chaired by Sheikh Tahnoon Bin Zayed Al Nahyan, focuses on AI and technology investments. Following the announcement, Binance's native cryptocurrency, BNB, initially rose by 1% to $560, then rallied nearly 5% to $581, approaching the $600 resistance level. Binance has around 1,000 of its 5,000 employees based in the UAE. Despite a $4.3 billion settlement with the Department of Justice in November 2023, Binance aims to improve its regulatory compliance.
Binance Secures $2 Billion Investment from UAE's MGX, BNB Rallies
Edited by: Yuliya Shumai
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