- Binance doesn’t have an official headquarters.
- But it celebrates its “substantial footprint in the UAE” on the back of a new investment.
- The $2 billion investment comes from government-linked MGX.
Binance just announced that it has raised a $2 billion investment from MGX, an investment firm linked to the Abu Dhabi government.
The crypto exchange’s official release celebrated the firm’s “substantial footprint in the UAE,” and said that about a fifth of its 5,000-strong workforce operates from the nation. Many of them work at the One Central office complex.
Binance declined to name the United Arab Emirates as its global headquarters. A spokesperson told DL News that it is still searching for one, “which has enormous implications with respect to how the company will operate going forward.”
“We are focused on remaining disciplined and thoughtful as we explore our options,” the Binance spokesperson said.
No central office
Binance has long avoided saying where its headquarters is located.
Co-founder and former CEO Changpeng Zhao insisted during his tenure that Binance, in contrast to more conventional companies, didn’t have a central office. Zhao stepped down after pleading guilty to not doing enough to prevent money-laundering on the platform.
He served four months in 2024 and paid a $50 million fine. Binance was ordered to pay a record $4.3 billion penalty as part of the settlement.
His successor, Richard Teng, formerly served as the CEO of the Abu Dhabi Financial Service Authority. He “played a key role in initiating” the crypto regulatory framework in Abu Dhabi, the $2 billion announcement said.
While he has pledged to establish a global headquarters and said that the UAE is “very attractive” as a potential location, he’s also stopped short of naming one.
Teng was, however, happy to speak about the new cash top-up — Binance’s first institutional investment.
“This investment by MGX is a significant milestone for the crypto industry and for Binance. Together, we are shaping the future of digital finance,” he said in a statement.
Binance’s token BNB was relatively flat on the news, trading between $550 and $560 on the day.
Enter MGX
MGX was launched in March 2024 under the directive of United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan.
“In MGX, we are establishing a UAE national champion focused on AI and advanced technologies,” said Sheikh Tahnoun bin Zayed Al Nahyan, deputy ruler of Abu Dhabi and chair of MGX, at the time.
The firm had a wildly busy first year. It has reportedly invested in OpenAI, Databricks, and Elon Musk’s xAI as well as formed partnerships with BlackRock, Microsoft, SoftBank, and Oracle.
Ahmed Yahia, CEO of MGX, said the $2 billion investment reflects the firm’s commitment to “advancing blockchain’s transformative potential for digital finance.”
Andrew Flanagan is a markets correspondent for DL News. Have a tip? Reach out to aflanagan@dlnews.com.