Binance Wants to Partner with Sovereign Wealth Funds to Earn Regulators’ Trust

Binance Wants to Partner with Sovereign Wealth Funds

Binance has begun preliminary discussions with several sovereign wealth funds to offer them a stake in the exchange and as a way of cushioning itself against tough regulations.  

The exchange’s CEO, Changpeng Zhao, says that the sovereign wealth funds would boost public perception. 

The regulators have previously raised concerns around Binance’s high-risk financial instruments like derivatives.

Zhao says that most countries do not have regulations on NFTs and gamified tokens, and the exchange was waiting for clarity before choosing a jurisdiction. 

Binance has been inclined towards countries whose administrations are more accommodative to its business. Zhao has been having meetings with regulators recently in countries like Dubai, Qatar, Bahrain, and Paris. 

The exchange’s daily transactions have grown to $170 billion compared to about $10 billion-30 billion in the past two years. The exchange is currently looking for a new headquarters in cities including Singapore and Dubai.  

Source: FT

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