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    Crypto Exchange Binance Invests $200 Million In Forbes

    Cz invested $200 million in Forbes

    According to media reports, the largest cryptocurrency exchange Binance has invested $200 million in Forbes, one of the most authoritative and well-known economic publications in the world: it has existed for more than a hundred years, its audience is 150 million people.

    Representatives of the exchange will take two seats out of nine on the board of directors of the publication. The owner of the exchange, Changpeng Zhao, will become one of the two largest owners of Forbes.

    Forbes plans to list through the SPAC on the New York Stock Exchange. Shares traded on this stock exchange will receive a new ticker FRBS. The merger is expected to be fully completed in the first quarter of 2022.

    It is noteworthy that СZ  has an ambiguous relationship with Forbes. On the one hand, the publication regularly paid tribute to the owner of the exchange, including his name in the ratings of the richest businessmen in the world. In 2018, he even got on the cover of the magazine as a unique person who made the billionth fortune from scratch in six months (in January 2021, Bloomberg estimated Zhao's fortune at $96 billion).

    However, in November 2020, the exchange filed a lawsuit against Forbes. An article "revealing Binance's complex scheme to evade regulators" was called slander. The exchange demanded compensation.

    Binance Holdings said the Forbes article damaged the company in millions of dollars. In particular, the article referred to the exchange’s alleged plan to “deliberately mislead” regulators by creating a US venture that would redirect revenues to Binance’s parent company and thus save the exchange from prosecution by US law enforcement agencies.

    By February 2021, the exchange dropped its defamation lawsuit filed against the news outlet and two of its journalists, and did so without loud statements, but with a comment to the media stating that it still believes that the October 29, 2020 article is false and misleading.

    It looks like the conflict is over. Commenting on the investment in the publication, Zhao noted that the media is an important component in educating users, and investment in Forbes will help the publication become a platform for investment analysis. For his part, the executive director of the magazine emphasized that thanks to this investment, Forbes will have access to the resources, connections and experience of the world's largest crypto exchange.