Binance, the largest cryptocurrency exchange said it has received a $2 billion investment from Abu Dhabi’s MGX, which is primarily an AI investor. MGX says it wants to enable innovation at the intersection of AI, blockchain and finance. This is the first institutional investment that Binance has received, and the payment used stablecoins.
It follows a massive $4.3 billion penalty and forfeiture levied in late 2023 by the United States Department of Justice for anti-money laundering (AML) and Bank Secrecy Act violations. While $2.7 billion should have been paid by now, $1.8 billion was due around late February. If the payment had been later, it may have been part of the US Digital Asset Stockpile.
As part of the deal, founder Changpeng Zhao (CZ) stepped down and was replaced by Richard Teng.
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