Image courtesy of Binance Twitter page
- Binance says it plans on buying one or two companies in every industry, not involved in crypto and then bring them to crypto, after buying a $200m stake in publishing powerhouse Forbes.
- CEO CZ has also denied reports that he is set to buy Chelsea FC, an English football club whose owner is being cracked down on for his links to Russia’s Vladimir Putin.
The world’s largest exchange wants to bring every other sector into crypto, and it plans on forcing its way by buying one or two companies in these industries. Binance is reportedly set to go on a buying spree for non-crypto businesses, as its CEO denies rumors that he is set to purchase one of the world’s biggest football clubs.
In the past few years, Binance has continued to expand its reach through acquisitions, a majority of which have been within crypto circles. The latest is a $36 million convertible loan investment in Eqonex, a U.S-listed crypto firm that also operates asset management divisions. This deal, however, might not go through as U.K regulators are sounding their concerns over Binance’s entry into the U.K payments system.
Read More: UK’s FCA could potentially block Binance’s launch of Bifinity
In a recent interview with the Financial Times, CEO and co-founder Changpeng Zhao revealed that he intends to go beyond crypto.
He told the outlet:
We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto. The strategy is about making the crypto industry bigger.
Binance recently purchased a $200 million stake in Forbes, one of the world’s biggest news and publishing outlets. This made the exchange one of the two largest owners of Forbes, which intends to go public via a SPAC deal in the not-too-far future.
The purchase was especially precarious given the history of the two entities. Forbes, just like many other top media outlets, has been quick to call out Binance for flouting regulations, in most cases knowingly.
In November 2020, Binance had sued Forbes and two of its writers for a story that the exchange claimed was defamatory. The exposé focused on leaked ‘Tai Chi’ documents that revealed Binance’s elaborate scheme to avoid Bitcoin regulators.
CZ: I’m not buying Chelsea
Elsewhere, CEO CZ has written off speculation that he could be the brand new owner of an English Premier League club.
CZ had been reported to be in discussions with the Raine Group, the U.S investment bank that’s representing Chelsea FC on the sale. However, he reportedly declined to buy the club as it does not fit into his priorities.
Chelsea has been owned by Roman Abramovich since 2003 and in that time, the London club has been one of the most successful. It’s the reigning European and World champion. However, Abramovich, a Russian billionaire, is under pressure to sell the club due to his links to Russian President Vladimir Putin.
Chelsea is estimated to be worth $4 billion and as such, CZ could be able to purchase it comfortably. The Singapore resident is the richest man not just in crypto but the entire finance industry, with Bloomberg placing his wealth at $61.4 billion today, which makes him the 19-richest man in the world.
Related: Changpeng “CZ” Zhao lost $13B overnight as market crashed, but he’s still the richest man in finance
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