Binance Secures $2 Billion Investment from Abu Dhabi's MGX, Achieves First Institutional Funding

# Binance Secures $2 Billion Investment from Abu Dhabi's MGX Binance, the world’s largest cryptocurrency exchange, has secured a $2 billion investment from Abu Dhabi-based investment firm MGX. This marks the first institutional investment into Binance, as reported by CoinDesk on the 12th local time. # MGX's First Foray into Digital Assets This investment represents MGX's inaugural venture into the digital asset space. Binance announced that the $2 billion funding was conducted in stablecoins, although it did not specify which stablecoins were used. # Expanding Influence in the Middle East According to CoinMarketCap data, Binance records over $20 billion in daily trading volume, affirming its status as the global leading cryptocurrency exchange. This investment comes as Binance continues to expand its influence in the Middle East, where it already employs around 1,000 staff in Abu Dhabi. # Accelerated Expansion in the Middle East Binance is pursuing aggressive expansion in the United Arab Emirates (UAE). Last year, Binance’s Dubai subsidiary, Binance FZE, obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). This license enables Binance to provide a range of cryptocurrency trading and exchange services across the UAE. Additionally, Binance’s Abu Dhabi subsidiary received custodial service provider approval from the Abu Dhabi Financial Services Regulatory Authority (FSRA), further solidifying its presence in the region. # Leveraging Local Expertise Currently led by CEO Richard Teng, who previously served as the head of the Abu Dhabi Financial Services Regulatory Authority, Binance is expected to benefit from his network and regulatory expertise in the region. This strategic advantage is anticipated to positively impact Binance's expansion efforts in the Middle East. # Market Reaction Following the news of this investment, Binance’s native token BNB saw an uptick in value. As of 2:15 PM New York time on the 12th, BNB had risen 1.05% from the previous 24 hours to $559.38 on CoinMarketCap. Earlier, BNB hit $564.58 before easing back slightly.