Crypto exchange Binance plans to attract investment and protection from government funds at a valuation of $200 billion, Chinese journalist Colin Wu has said citing "multiple sources". He has said Singapore is one of the possible options.
Binance has today announced the appointment of former Abu Dhabi Financial Services Regulatory Authority chief Richard Teng to the position of head of its Singapore division. In Singapore, Binance is represented as a separate platform with support for Bitcoin, Ether, Binance Coin and the ability to trade with the Singapore dollar. Wu has written:
"After rejecting Sequoia Capital’s investment, CZ made it clear that Binance does not need external funds, and he is only interested in working with venture capital companies that can help exchanges cooperate with regulators and obtain operating licenses."
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Temasek Holdings, Asia's largest investment firm, is Singapore-owned and active in the crypto sector, which includes buying Bitcoins from miners. As noted by Wu, Temasek's Vertex Ventures has invested in Binance Singapore and may now back Binance Global.