On March 12, the world's largest crypto exchange Binance announced that MGX, an Abu Dhabi-based AI and advanced technology investor, is going to invest $2 billion in the exchange.

So far, it is the single-largest investment into a crypto company and the first institutional investment in Binance. The investment secures for the Abu Dhabi firm a minority stake in the exchange .

MGX is a state-owned investment firm based in the UAE. This is a first for the firm in terms of crypto investments. It had earlier teamed up with OpenAI, SoftBank Group, and Oracle to support US President Donald Trump’s $100 billion AI plan.

MGX CEO Ahmed Yahia said, “MGX’s investment in Binance reflects our commitment to advancing blockchain’s transformative potential for digital finance.”

Binance CEO Richard Teng added, “This investment by MGX is a significant milestone for the crypto industry and for Binance. Together, we are shaping the future of digital finance.”

Binance boasts over 260 million registered users, with over $100 trillion in cumulative trading volume. Around 20% of its global workforce is based in the UAE.

Thanks to its government’s pro-active crypto policy, the UAE is a leading player in crypto adoption in the Middle East & North Africa (MENA) region.

As per Chainalysis , the UAE is the third largest crypto economy in the MENA region. Between July 2023 and June 2024, it received over $30 billion in crypto.

The BNB token reacted positively to the news and hit $563.98 following the announcement, as per CoinMarketCap .