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Binance Gets $2B Investment From Abu Dhabi's MGX
It's the first institutional investment in the crypto exchange and the investment was made in an unnamed stablecoin, Binance said.
What to know:
- Abu Dhabi-based investment firm MGX has invested $2 billion in Binance, marking the first institutional placement in the crypto exchange and MGX's first digital asset-focused investment.
- Binance, the world's largest crypto exchange by trading volume with over $20 billion daily volume, has a significant presence in Abu Dhabi with around 1,000 employees.
- The CEO of Binance, Richard Teng, previously served as the head of the Abu Dhabi Financial Services Regulatory Authority.
Crypto exchange giant Binance said on Wednesday that Abu Dhabi-based investment firm MGX invested $2 billion in the company.
The investment marks the first institutional placement in the exchange and it's also the first digital asset-focused investment for MGX, according to a press release. The investment was made in stablecoins, the statement noted, though it did not specify which currency was used.
STORY CONTINUES BELOW
Binance is the largest crypto exchange by trading volume in the world with over $20 billion daily volume, CoinMarkatCap data shows. The trading platform already established a presence in Abu Dhabi, employing around 1,000 people in the city, according to the company.
The firm's Dubai subsidiary, Binance FZE, obtained a Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) last year, which allows the company to offer a broad range of exchange and trading services across the entire United Arab Emirates. Binance's Abu Dhabi subsidiary was granted permission to provide custody services by the Abu Dhabi Financial Services Regulatory Authority.
Richard Teng, now the CEO of Binance, previously headed the Abu Dhabi Financial Services Regulatory Authority.
BNB, the native token of the Binance-adjacent BNB Chain, jumped 3% to $574 immediately on the news before giving back the gains and sliding to $550.
UPDATE (March 11, 2025, 15:15 UTC): Adds details about Binance's regulatory licenses in the UAE and BNB price action.
Krisztian Sandor
Krisztian Sandor is a U.S. markets reporter focusing on stablecoins, tokenization, real-world assets. He graduated from New York University's business and economic reporting program before joining CoinDesk. He holds BTC, SOL and ETH.
