Crypto exchange Binance gets $2 billion investment from Abu Dhabi's MGX

Reuters

Wed, Mar 12, 2025, 8:08 AM 1 min read

DUBAI (Reuters) -Abu Dhabi concern radical MGX has invested $2 cardinal worthy of cryptocurrency into Binance, successful what the world's largest cryptocurrency speech said connected Wednesday was its archetypal organization investment.

Binance and MGX said successful statements posted connected their website that the concern was made successful stablecoin - a benignant of cryptocurrency pegged to a fiat currency specified arsenic the dollar.

A spokesperson for Binance declined to remark connected which stablecoin the outgo was made in.

The United Arab Emirates is aiming to go a planetary centre for integer assets, including the crypto industry, and has been trying to lure immoderate of the biggest firms successful the assemblage to physique locally arsenic portion of a program to diversify its economy.

It is besides making a propulsion for AI, led by the state-backed G42 and by MGX, successful which the state-owned $330 cardinal wealthiness money Mubadala is simply a partner.

"MGX’s concern successful Binance reflects our committedness to advancing blockchain’s transformative imaginable for integer finance," said Ahmed Yahia, managing manager and CEO of MGX, successful the statement.

The determination is the latest motion of Binance deepening its ties with the UAE. Binance has agelong said that it is successful the process of choosing a determination for its headquarters, and successful Wednesday's announcement it said it had a "substantial footprint" successful the UAE, employing astir 1,000 of its 5,000 full unit there.

Binance CEO Richard Teng was antecedently caput of Abu Dhabi's Financial Services Authority.

(Reporting by Elizabeth Howcroft successful Paris and Federico Maccioni successful DubaiEditing by Tommy Reggiori Wilkes)