Crypto exchange Binance to take $200m stake in Forbes

Technology

Binance, one of the world’s biggest cryptocurrency firms, will take a $200 million stake in Forbes in the latest twist for the 105-year-old media brand.

Forbes, known for its ranking of billionaires, said the deal would help make it a leader supplying information about digital assets, like Bitcoin.

But news of the investment sparked questions among media watchers about potential conflicts of interest.

Binance sued Forbes in 2020 for defamation, later dropping the case.

Analysts also noted that crypto assets have proven particularly vulnerable to manipulation by celebrities and media hype, prompting warnings from regulators around the world.

Binance founder Changpeng ‘CZ’ Zhao said he saw media as an “an essential element to build widespread consumer understanding and education” of the crypto market and emerging blockchain technologies.

The Chinese Canadian billionaire later took to Twitter to clarify his comments, saying his focus was on helping Forbes build out its technology and calling Forbes’ editorial independence “sacrosanct”.

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