Binance could spend $1 billion on investments by 2022

Binance Holdings founder and CEO Zhao “CZ” Changpeng has said the exchange could spend more than $1 billion on acquisitions and investments, even despite the ongoing crypto winter, Bloomberg wrote.

So far, Binance has committed $325 million to 67 projects this year, compared to $140 million to 73 projects last year.

It also doesn’t take into account a possible investment of more than $200 million in the media company Forbes and $500 million to finance Elon Musk’s purchase of Twitter, which is still up in the air, which could continue until next year or maybe not be done at all.

Additionally, one hundred police officers took to the streets of numerous Brazilian cities to serve arrest warrants against Francisley Valdevino da Silva, who is accused of running a crypto pyramid scheme, Coindesk wrote.

There was no word on whether he had been arrested as of press time, but police said he had been running a scheme that had raised $767 million.

A police report said that he was known as the “cryptocurrency sheikh” and was a former resident of the US. He allegedly committed his crimes by promising high returns through alleged crypto trading since 2016.

Additionally, Huobi has agreed to sell itself to About Capital, according to a press release.

About Capital has said that after the transition is complete, Huobi Global will see new business initiatives, including “a global strategic advisory board led by leading industry figures, the injection of sufficient capital into the margin provision fund and risk, as well as measures to further improve competitiveness.

The goal is to complete the implementation of these new letters and provide trade and investment services for international investors.

Finally, Cointelgraph wrote that it has been difficult for bitcoin and crypto markets to start a strong recovery amid the US dollar being at a multi-year high and US equity markets near record lows.

As such, the report noted that sentiment remains negative and operations may not be interested in risks.

US equity markets fell sharply on October 7 after the release of September non-farm payroll data, although there were some small gains.

Bitcoin is on track to end the week with marginal gains of around 2%. The currency has managed to avoid a crash recently, even amid the hits US equity markets have taken, showing that traders might be unwilling to unload their holdings at lower levels, with less selling pressure now.

For all PYMNTS crypto coverage, subscribe to the journal crypto newsletter.

New PYMNTS Study: How Consumers Use Digital Banks

A PYMNTS survey of 2,124 US consumers shows that while two-thirds of consumers have used FinTechs for some aspect of banking, only 9.3% call them their primary bank.

We are always looking for opportunities to partner with innovators and disruptors.

Learn more

Leave a Comment