The Crypto Exchange Giant Binance said Wednesday that the Firm based on Abu Dhabi investment MGX has invested $ 2 billion in the company.
The investment marked the first institutional placement in the exchange and it was also the first digital investment focused on MGX, according to a Press release. The investment was made in Stablecoins, the statement mentioned, even if it did not specify which currency was used.
Binance is the largest crypto exchange through the world’s trade volume with over $ 20 billion days -day volume, Coinmarkatcap data is shown. The trading platform established a presence in Abu Dhabi, which uses nearly 1,000 people in the city, according to the company.
Dubai’s subsidiary of the firm, Binance Fze, obtained A Virtual Asset Service Provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA) last year, allowing the company to offer a wide range of exchange and trade services across the United Arab Emirates. The subsidiary of Binance’s Abu Dhabi is granted permission To provide services in the care of the Abu Dhabi Financial Services Authority.
Richard Teng, who is now the CEO of Binance, has previously led the Abu Dhabi Financial Services Authority.
BNB, the native token of the Binance-related BNB chain, jumped 3% to $ 574 immediately in the news before returning the gains and slipped to $ 550.
Update (March 11, 2025, 15:15 UTC): Adds details about Binance’s regulation licenses to UAE and BNB price action.
