Binance News: MGX Invests $2 Billion in Binance, Marking Largest Institutional Stablecoin-Backed Crypto Deal

In a groundbreaking move, Abu Dhabi’s MGX has invested a whopping $2 billion in Binance, marking the largest institutional stablecoin-backed crypto deal to date. This significant investment not only grants MGX a minority stake in Binance but also signals its official entry into the burgeoning crypto sector.

MGX Invests $2B in Binance, Largest Institutional Stablecoin-Backed Crypto Deal

Abu Dhabi’s MGX has invested $2 billion in Binance, marking the largest institutional stablecoin-backed crypto deal ever. The investment grants MGX a minority stake in Binance, signaling its entry into the crypto sector. The deal was announced on March 12 and was conducted entirely in stablecoins. Binance CEO Richard Teng called the investment a milestone for the company and the industry, stating that they are committed to building a more inclusive and sustainable financial ecosystem. This partnership will focus on compliance, security, and innovation.

Garantex Operator Arrested in India

One of the operators of sanctioned Russian cryptocurrency exchange Garantex, Aleksej Besciokov, was arrested in India while vacationing with his family. Police in the state of Kerala made the arrest. Last week, international law enforcement agencies seized Garantex’s domains, servers, and froze nearly $28 million in crypto tied to the exchange. The exchange was sanctioned by the U.S. Treasury’s OFAC in 2022 for knowingly facilitating money laundering for ransomware actors.