Binance secures USD $2 billion institutional backing by MGX
Binance, the prominent global cryptocurrency exchange, has revealed its first institutional investment, a substantial USD $2 billion backing from Abu Dhabi-based MGX.
The investment from MGX, an AI and advanced technology investor, represents a significant milestone in the cryptocurrency realm. This deal is recognised as the single largest investment into a cryptocurrency company and the largest investment ever paid in stablecoin. It also marks the first institutional investment into Binance.
MGX's foray into the cryptocurrency and blockchain sectors is part of a broader strategy focused on the transformative potential of blockchain technology. By securing a minority stake in Binance, MGX seeks to support innovation at the intersection of AI, blockchain technology, and finance.
"MGX's investment in Binance reflects our commitment to advancing blockchain's transformative potential for digital finance. As institutional adoption accelerates, the need for secure, compliant, and scalable blockchain infrastructure and solutions has never been greater. Binance has long been a driving force in cryptocurrency innovation, from exchange technology and tokenization to staking and payments. Together, we are committed to building a more inclusive and robust digital finance ecosystem," stated Ahmed Yahia, Managing Director & CEO of MGX.
Binance maintains a significant presence in the United Arab Emirates, a nation noted for its progressive cryptocurrency regulation. Approximately 1,000 of Binance's 5,000 global employees are based in the UAE. The exchange is known for its large user base, having over 260 million registered users, and for surpassing USD $100 trillion in cumulative trading volume.
Richard Teng, Binance CEO, commented, "This investment by MGX is a significant milestone for the crypto industry and for Binance. Together, we are shaping the future of digital finance. Our goal is to build a more inclusive and sustainable ecosystem, with a strong focus on compliance, security, and user protection. Binance remains committed to working with regulators worldwide to establish transparent, responsible, and forward-thinking policies for the crypto industry. Our ongoing investments in security and compliance reinforce our mission to foster a secure and trusted digital financial ecosystem."
Richard Teng's experience at the Abu Dhabi Financial Services Authority, where he was instrumental in initiating one of the world's first crypto regulatory frameworks, has been pivotal in crafting Binance's regulatory strategy.
