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Crypto and blockchain giant Binance has made a $200 million investment in Forbes, the business media brand it sued for defamation in 2020.
The investment comes as Forbes prepares to go public via a deal with Spac company Magnum Opus Acquisition Limited. Binance is replacing half of the previously announced $400 million private placement commitments already announced as part of that deal.
In a statement, Binance CEO Changpeng Zhao said: “As Web 3 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.”
However, amid concerns about conflict of interests at the publication, he later took to Twitter to insist that “Forbes editorial independence is and will always be sacrosanct”.
The multi-billionaire added that the investment is to “help them build Web3 infrastructure in the coming years”.
Last year, Binance dropped a lawsuit against Forbes and two of its journalists over a story about the crypto firm’s corporate structure.
In September, having faced regulatory scrutiny in a host of countries, Binance vowed to centralise its business structure to address concerns about a lack of systemic transparency.
Zhao tweeted yesterday: “Like many fast-growing, innovative companies, Binance is used to media scrutiny. That’s a necessary reality when you are the leader of a disruptive industry.”
Financial Services
