Forbes previously shared plans to go public by merging with NYSE-listed Special Acquisition Vehicle (SPAC) Magnum Opus. Today Forbes announced that cryptocurrency exchange Binance will invest $200 million as part of the $400m private investment in public equity (“PIPE”).
Binance has sometimes struggled to get positive press coverage, partly because of its many run-ins with regulators around the world. Last year, the Protocol posted a long list of Binance’s regulator altercations. And Reuters recently published a piece about anti-money laundering lapses by the exchange.
Given the cryptocurrency sector’s reputation for pump and dump schemes, the association with a crypto exchange, however well-intentioned, doesn’t seem like a great idea.
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