Binance is in talks with several sovereign wealth funds, as per a recent report from Financial Times. The world’s biggest cryptocurrency exchange is looking for sovereign wealth funds to own a stake in the firm. This report comes after the exchange announced expansion after teaming up with regulatory authorities.
Binance seeks to appease regulatory authorities
The CEO of the world’s biggest crypto exchange, Changpeng “CZ” Zhao, confirmed with Financial Times that the firm would continue to hold talks with these sovereign funds but declined to name any one of these firms.
On the other hand, the CEO also believes that the “perception and relationships” of Binance with regulatory authorities around the world will change after involving notable films from around the world into the crypto exchange’s administration.
“But it may also tie us to specific countries[,] … which we want to be slightly careful with,” reported Zhao in his statement with the Financial Times. He acknowledges the regulatory pressure currently suppressing the growth of Binance and believes this to be a legitimate way to win over authorities.
CZ brings in crypto rights
Binance is looking to maintain its dominance in the cryptocurrency sector as well as earn the trust of its customers. Recently, the firm announced the ten rights of every cryptocurrency investor. These rights also give importance to the involvement of regulations for the safety of investors from fraud.
On the other hand, CEO Zhao mentioned in an interview with The Associated Press that he is looking to drop out of the money-making race and, in the near future, will donate over 90-99% of his wealth.
While currently, Binance is undergoing heavy expansion and continues to list new coins and make new investments through Binance Labs, the CEO of the exchange sees the industry from a different perspective. The billionaire crypto enthusiast plans to bring cryptocurrencies into the spotlight.