The world’s leading cryptocurrency exchange Binance seeks government funding despite being in the crosshairs of several financial regulators.
What happened: According to a recent Twitter thread by Chinese journalist Colin Wu, Binance Singapore wants to secure investment and protection from government funds worth $ 200 billion. Singapore authorities are among the most likely options.
Wu compared Binance’s financial data to that of a publicly traded crypto exchange in the United States Coinbase Inc. (NASDAQ: COIN).
Coinbase earned $ 800 million in the first quarter and its current market valuation is only $ 54.2 billion.
Why it matters: Binance, on the other hand, reportedly made about four times more profits, which is why it is valued four times higher at $ 200 billion.
Binance Singapore has also just named Richard Teng as CEO. Prior to that, he was Director of Corporate Finance at the Monetary Authority of Singapore (MAS) for 13 years.
What else: Binance CEO Changpeng Zhao allegedly turned down funding from Sequoia Capital, making it clear that the company does not need to raise private capital and is only interested in working with companies that can help it work with regulators.
In the past, Singapore’s sovereign wealth fund Temasek subsidiary Vertex Ventures has invested in Binance Singapore and is now expected to invest in Binance Global.
Price promotion: Binance Coin (CRYPTO: BNB) ranked 4th on CoinMarketCap, trading at $ 502.05, up 5.53% over the past 24 hours.
Photo: Courtesy of Binance
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