Binance Seeks Investments From Sovereign Wealth Funds

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

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.■

[Author: Eliza GRITSI / CoinDesk]

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