World’s Largest Crypto Exchange Investing $200 Million in Forbes

Binance, the world's biggest crypto exchange by trading volume, has announced a $200 million investment in digital publisher and magazine publisher, Forbes.

According to CNBC, the investment will see Binance becoming one of the two biggest investors of Forbes, with the exchange also netting two directors out of nine total board seats as part of the magazine’s plan to merge with a publicly-traded SPAC, Magnum Opus Acquisition Limited. Following the merger, Forbes will be listed on the New York Stock Exchange under the ticker FRBS.

"With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators," said Forbes CEO Mike Ferdele in a statement accompanying the announcement.

This investment by Binance shows the continued growth of the cryptocurrency world, which over the course of the past two years has seen millions put into lobbying, acquisitions, and most commonly, sports sponsorships.

These mergers & acquisitions have been progressively extending more outside of the walls of the crypto space, spilling into the rest of the world. Last month, it was reported that crypto exchange, Mitmex, was looking to obtain Bankhaus von der Heydt, one of the oldest banks in Germany.

This partnership comes as the exchange struggles to battle with regulators. Last month, a Reuters investigation found that Zhao (Founder and CEO of Binance) had apparently ignored concerns raised by senior employees over Bianances know-your-customer (KYC) checks, among other regulatory shortcomings.

In a statement announcing Binance's investment in Forbes, Zhao said, "As Web 3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education."