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Fortune

Ben Weiss

Binance nets biggest ever crypto investment as UAE-backed MGX puts in $2 billion

Binance MGX Crypto UAE Richard Teng Changpeng Zhao Abu Dhabi

Binance CEO Richard Teng at Gulf Binance Event. (Credit: Sirachai Arunrugstichai—Bloomberg/Getty Images)

The world’s largest crypto exchange announced Wednesday that it had secured a $2 billion investment from MGX, a state-backed investment firm in the United Arab Emirates. Binance received the investment in stablecoins, and MGX received a minority stake in the crypto exchange, according to a press release.

A spokesperson for the crypto exchange declined to disclose at what valuation the investment was made, the size of MGX’s stake, or what stablecoins Binance received as part of the deal. “This investment by MGX is a significant milestone for the crypto industry,” said Richard Teng, the crypto exchange’s CEO, in the press release.

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