Binance just landed a massive $2 billion investment from Abu Dhabi-based MGX, marking a major milestone for the world’s largest crypto exchange. CoinDesk reports that this is the first institutional placement in Binance and MGX’s first-ever investment in digital assets. The deal was made in stablecoins, though the exact currency was not disclosed.
Binance Expands Its Presence in the UAE
This investment strengthens Binance’s position in the United Arab Emirates. The exchange already has around 1,000 employees in Abu Dhabi and operates under a Virtual Asset Service Provider (VASP) license in Dubai. CoinDesk notes that Binance’s Abu Dhabi subsidiary also holds a regulatory license to provide custody services.
Binance CEO Has Deep Ties to Abu Dhabi
Binance CEO Richard Teng has strong connections in the region. He previously led the Abu Dhabi Financial Services Regulatory Authority before taking the top job at Binance.
Now that regulatory approvals and MGX’s fresh capital are boosting confidence in Binance, it will be interesting to see how the exchange strengthens its foothold in the Middle East’s crypto market. This investment comes as crypto prices remain volatile. Investors should track crypto prices on the TipRanks Cryptocurrency Center, especially as Binance’s expansion could drive renewed interest in digital assets.
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