According to reports, Binance wants shares in the Global Wealth Fund in exchange

According to reports, Binance, the world’s largest cryptocurrency exchange, is in talks with the sovereign global wealth fund to sell them shares of the company.

In addition to planning to provide them with “huge amounts of money” American company Binance.US, Binance is now also seeking global funding to improve relations with regulators, Binance CEO Changpeng Zhao Said on tuesday interview With the Financial Times.

According to Zhao, the upcoming funding is aimed at improving its “cognition and relationship” with many governments, as multiple financial regulators around the world have already Fight Binance This year.

“But it may also link us to specific countries, and we want to be a little careful with these countries,” the CEO pointed out.

Zhao said that because Binance is currently in the preliminary stages of discussion, it is too early to disclose the names of the wealth funds participating in the financing. “The number of votes involved will not be small. This will not be a short process.”

As the largest shareholder of Binance, Zhao is one of the world’s richest people in the cryptocurrency industry, with Total net assets are estimated at 8 billion U.S. dollars As of January 2021.

According to the CEO, Binance’s daily transaction volume Soar By November 2021, the scale will increase from USD 10 billion two years ago to USD 30 billion, reaching USD 170 billion. Binance.US is a US company operating separately from the global Binance Exchange. It plans to raise “several hundreds of millions of dollars” by early 2022.

This year, global regulatory agencies have become more strict with Binance Exchange. Governments of at least a dozen countries have issued warnings about the company, including the United States, the United Kingdom, Italy, Canada, Japan, Singapore, Germany and other countries. .

related: Binance continues to push new employees to become a regulated cryptocurrency exchange

Binance has taken a number of measures to improve its relationship with global regulators, Stop some of its services In some countries/regions, and hire well-known executives in the traditional financial field.

Zhao reportedly said that he is not worried about illegal activities on the Binance platform because the company “maybe better than the bank” in terms of knowing your customers (KYC) and anti-money laundering (AML) policies and measures.