Binance offers massive funding to Forbes just two years after suing it for defamation

Binance offers massive funding to Forbes just two years after suing it for defamation

Forbes says Binance, one of the world’s largest cryptocurrency and blockchain infrastructure providers, has invested $ 200 million to own part of its iconic business intelligence brand. The funds are part of a $ 400 million Private Public Equity Investment (PIPE) agreement set up by Forbes through a merger with a special purpose acquisition company (SPAC).

With this deal, Binance will join Forbes, a media company sued for defamation in 2020, suggesting that Binance’s “sophisticated corporate structure” is deliberately designed to deceive. Binance withdrew the proceedings early last year and this article is still available on Forbes.com.

Binance’s press release isn’t subtle about why it might invest in the media outlet: CEO Changpeng ‘CZ’ Zhao suggests it’s about buying influence, saying “As Web3 and blockchain technologies move forward and the crypto market comes of age we know that media is an essential element to build widespread consumer understanding and education.”

 

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