The Crypto Binance exchange giant said on Wednesday that the investment company based in Abu Dhabi MGX had invested $ 2 billion in the company.
The investment marks the first institutional investment in the exchange and it is also the first digital investment focused on assets for MGX, according to a press release. The investment was made in the Stablecoins, noted the declaration, although it did not specify which currency was used.
Binance is the largest exchange of crypto by exchanging the volume in the world with more than $ 20 billion in volume per day, according to Coinmarkatcap data. The commercial platform has already established a presence in Abu Dhabi, employing around 1,000 people in the city, according to the company.
The Dubai subsidiary of the company, Binance Fze, obtained a license from virtual asset service provider (VASP) of the Virtual Assets Regulatory Authority (VARA) of Dubai, which allows the company to offer a wide range of exchange and trading services in all the United Arab Emirates. The subsidiary of Abu Dhabi de Binance obtained permission to provide childcare services from the Abu Dhabi Financial Servulatory Authority.
Richard Teng, now CEO of Binance, previously directed the Abu Dhabi Financial Services Regulatory Authority.
The BNB, the native token of the BNB channel adjacent to the Binance, jumped from 3% to $ 574 immediately before restoring the gains and slipping at $ 550.
Update (March 11, 2025, 15:15 UTC): Add details on Binance’s regulatory licenses in the action of water and BNB prices.
