Binance, one of the world’s largest crypto exchanges, said it is in talks with sovereign wealth funds about selling a stake in the company, Bloomberg reported.
The stake sale comes after Binance was issued a warning by the Monetary Authority of Singapore in September for providing payment services and soliciting business from Singaporeans without having a license to do so.
Since then, the crypto exchange has restricted its services in Singapore, with users in the country being unable to access certain functions. The company also announced that it will no longer allow peer-to-peer trading of the yuan by the end of the year, which comes amid Beijing’s blanket ban on cryptocurrency transactions.
While Binance said that investments from sovereign wealth funds could potentially help improve its “perception and relationships” with various governments, it did not disclose the names of the funds it is in talks with.
Editing by Collin Furtado and Lorenzo Kyle Subido
(And yes, we’re serious about ethics and transparency. More information here.)
Stay updated on the go with our mobile app.
Get latest insights with smoother, more personalized experience through TIA mobile app.
