Crypto exchange puts its virtual riches into real world stuff

Must read

Trump Announces Plan to Save American Education: Cuts Funding For Schools That Push CRT, Adopts Parental ‘Bill of Rights’

Republican presidential candidate Donald Trump released a campaign video outlining his vision for saving American education and giving...

Ilhan Omar Whines That Democrats Being Kicked Off Committees is a ‘Threat to National Security’

Far-left Democrat Ilhan Omar suggested that she and her fellow colleagues, Representatives Eric Swalwell and Adam...

TSA Receives $400M in Pay Raises

By Adam Andrzejewski for RealClearPolitics As part of the 4,000+ page, $1.7 trillion omnibus bill passed...

Wild Video: Pfizer Employee Completely Flips Out After Being Shown Undercover Video of Him Claiming Company Wants to ‘Mutate’ COVID to Profit Off Vaccines

A video released by James O’Keefe’s Project Veritas allegedly shows a Pfizer official losing his cool, destroying an...

Binance’s investment in Forbes is raising questions about potential conflicts of interest

The world’s biggest cryptocurrency exchange, Binance, will make a $200 million strategic investment in the 104-year-old US business media brand Forbes, CNBC reported on Thursday. Binance founder Changpeng ‘CZ’ Zhao told the broadcaster he saw media as “an essential element to build widespread consumer understanding and education” of the crypto market and emerging blockchain technologies.

The Chinese Canadian billionaire, whose net worth is estimated to be nearly $100 billion, added that his firm was also eyeing investments in other traditional companies as it looks to advance the adoption of blockchain.

Forbes said the deal would help make it a leader in supplying information about digital assets like Bitcoin. According to CNBC sources, the funds will help Forbes execute its plan to merge with a publicly traded special purpose acquisition company, or SPAC.

Binance will replace half of the $400 million in commitments from institutional investors announced by Forbes in August, the unnamed sources said. That would make Binance one of the top two biggest owners of Forbes, which will be listed on the New York Stock Exchange under the ticker FRBS, they added.

News of the investment raised questions about potential conflicts of interest. In 2020, Binance sued Forbes for defamation over a story the magazine published regarding the exchange’s corporate structure. The crypto exchange later dropped the case.

Forbes said the deal would not change its areas of coverage, but hopefully allow its existing digital assets team and “some other beats” to grow over time. The company’s spokesman, Bill Hankes, told the BBC, “Forbes has been fiercely independent for more than a century, regardless of our ownership, and that is not changing,” adding: “The integrity of our trusted journalism is our most important brand asset.”

For more stories on economy & finance visit RT’s business section

More articles

Latest article

Trump Announces Plan to Save American Education: Cuts Funding For Schools That Push CRT, Adopts Parental ‘Bill of Rights’

Republican presidential candidate Donald Trump released a campaign video outlining his vision for saving American education and giving...

Ilhan Omar Whines That Democrats Being Kicked Off Committees is a ‘Threat to National Security’

Far-left Democrat Ilhan Omar suggested that she and her fellow colleagues, Representatives Eric Swalwell and Adam...

TSA Receives $400M in Pay Raises

By Adam Andrzejewski for RealClearPolitics As part of the 4,000+ page, $1.7 trillion omnibus bill passed...

Wild Video: Pfizer Employee Completely Flips Out After Being Shown Undercover Video of Him Claiming Company Wants to ‘Mutate’ COVID to Profit Off Vaccines

A video released by James O’Keefe’s Project Veritas allegedly shows a Pfizer official losing his cool, destroying an...

Senate Bill Would Repeal Hated $600 IRS Reporting Threshold

By Kim Jarrett (The Center Square) U.S. Sen. Kevin Cramer, R-N.D., and seven other senators have...