Forbes gets USD 200 mln funding from Binance

Friday 11 February 2022 14:35 CET | News

Digital publisher Forbes and Magnum Opus Acquisition have received a USD 200 million investment from cryptocurrency exchange Binance.

Forbes is looking to list on the New York Stock Exchange through a merger with Magnum Opus, which is a special purpose acquisition company (SPAC). The publisher will use the funds to accelerate its digital growth, the company said in a press release.

Binance will assume half of the USD 400 million commitments from institutional investors, which was announced in August 2021. Binance sued Forbes in 2020 for defamation after the news outlet published leaked documents purporting to outline the exchange's plans for reentering the US market.

The so-called Tai Chi documents laid out a web of corporations and subsidiaries that would allow Binance to generate revenue without directly operating in the US. The plan outlined in the documents appeared similar to the actual structure employed by Binance.US, the US -based affiliate of Binance. The exchange dropped the lawsuit in 2021.

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Keywords: funding, partnership, Binance, cryptocurrency exchange, merger
Categories: Banking & Fintech
Companies: Binance, Forbes, Magnum Opus Acquisition
Countries: United States
This article is part of category

Banking & Fintech





Magnum Opus Acquisition

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