Main Highlights:
- Binance is the world’s largest cryptocurrency exchange by daily cryptocurrency trading volume. It was created in 2017 and registered in the Cayman Islands in 2017.
- Binance, one of the largest cryptocurrency exchanges and producers of blockchain technology, is investing $200 million to purchase a share in an “iconic business information brand,” according to Forbes.
- The acquisition is a fascinating milestone, indicating how Web3 firms have reached the point of wanting to acquire a media source, analogous to Time Warner and AOL, or AT&T and Time Warner, or Verizon and AOL, or…
- Forbes also runs articles from Razzlekhan, dubbed the Crocodile of Wall Street, and Heather Morgan. The latter was detained with her husband this week on allegations of attempting to launder $3.6 billion in Bitcoin stolen from Bitfinex.
- As Web3 and blockchain technologies evolve and the crypto industry matures, we recognize the critical role of media in promoting consumer awareness and education.
According to Forbes, Binance, one of the world’s largest cryptocurrency exchanges and providers of blockchain technology, is investing $200 million to acquire a stake in an “iconic business information brand.” This funding is part of a $400 million private investment in public equity (PIPE) structure established to enable Forbes to go public through a merger with a particular purpose acquisition company, or SPAC.
The purchase is an intriguing milestone, demonstrating how Web3 corporations have reached the stage where they want to acquire a media source, similar to Time Warner and AOL, or AT&T and Time Warner, or Verizon and AOL, or you get the picture.
However, this arrangement brings Binance into contact with Forbes, the media outlet it sued for defamation in 2020, claiming it suffered millions of dollars in losses as a result of an article alleging that Binance’s complex corporate structure was “designed to intentionally deceive regulators and profit from crypto investors in the United States.”
Binance eventually dropped the case early last year, and the Forbes.com story remains online. The business stated that Binance is confident that the Forbes article published on October 29, 2020, is inaccurate and deceptive. Forbes also publishes articles from Razzlekhan, called the Crocodile of Wall Street, and Heather Morgan. The latter was arrested this week alongside her husband on charges of attempting to launder $3.6 billion in Bitcoin stolen from Bitfinex.
Binance’s press statement is unequivocal about why it may invest in the news organization: According to CEO Changpeng ‘CZ’ Zhao, it’s about purchasing influence. As Web3 and blockchain technology advance and the crypto sector matures, they recognize the critical role of media in fostering more expansive consumer knowledge and education.
When asked directly about investing in light of Morgan’s recent arrest during a separate interview with CNBC, Zhao paused briefly before explaining that not all news organizations are open to investment, While keeping in mind that Forbes’ brand, influence, and reputation are quite powerful, strong enough to exceed the impact of a single contributing writer who also happens to be a hidden hacker.
About Binance
Binance is the world’s largest cryptocurrency exchange by daily cryptocurrency trading volume. It was registered in the Cayman Islands in 2017 and was formed in 2017. Changpeng Zhao, a developer who previously designed high-frequency trading software, launched Binance. Binance was formerly headquartered in China but eventually relocated due to the Chinese government’s increased control of bitcoin.
In 2021, the US Department of Justice and the Internal Revenue Service launched an investigation into Binance on money laundering and tax evasion claims. In June 2021, the United Kingdom’s Financial Conduct Authority ordered Binance to suspend all regulated activities in the country.
