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BNB Spikes as Binance Makes $200 Million Investment in Forbes

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Thu, 02/10/2022 - 13:40
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Alex Dovbnya
Binance has acquired a massive stake in Forbes
BNB Spikes as Binance Makes $200 Million Investment in Forbes
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Cryptocurrency exchange Binance has pumped $200 million into Forbes, one of the most prominent media and publishing companies, CNBC reports.

The price of the native BNB token has spiked roughly 3% on the news.

BNB
Image by tradingview.com

Binance filed a defamation lawsuit against Forbes in November 2020 over a story that details how the cryptocurrency giant attempted to skirt regulatory oversight in the U.S. with the so-called "Tai Chi entity." It then voluntarily dropped the case last February.

Related
Binance Is Reportedly Worth up to $300 Billion
The century-old business media brand was founded by financial columnist B. C. Forbes back in 1917.

After remaining in control for 97 years, the Forbes family sold a 95% stake in the company to a group of Hong Kong-based investors.

Steve Forbes remains the editor-in-chief of Forbes. As reported by U.Today, he predicted that Bitcoin could become the new gold back in 2020.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.