World's top cryptocurrency exchange Binance is looking for government funding despite having found itself in the crosshair of multiple financial regulators.
What Happened: According to a recent Twitter thread by Chinese Journalist Colin Wu, Binance Singapore is looking to secure investment and protection from government funds at a valuation of $200 billion. Singapore's authorities are among the most likely options.
Wu compared Binance’s financials to that of publicly traded United States-based crypto exchange Coinbase Inc. (NASDAQ: COIN).
Coinbase earned 800 million during Q1, and its current market valuation stands at only $54.2 billion.
Why It Matters: Binance, on the other hand, had purportedly had about four times more profits, which is why it is valued four times higher at $200 billion.
Binance Singapore also just appointed Richard Teng as CEO. He previously served as a Director of Corporate Finance at the Monetary Authority of Singapore (MAS) for 13 years.
What Else: Binance CEO Changpeng Zhao purportedly refused funding from Sequoia Capital, making it clear that the firm has no need to raise private capital and is only interested in working with firms that can help it cooperate with regulators.
In the past, Singapore’s sovereign fund Temasek subsidiary Vertex Ventures invested in Binance Singapore and is now expected to invest in Binance Global.
Price Action: Binance Coin (CRYPTO: BNB) was ranked 4th on CoinMarketCap and was trading at $502.05, up 5.53% over the last 24 hours.
Photo: Courtesy of Binance
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