Valued at $200 billion! Anonymous source: Binance seeks national-level financing and regulatory safe haven, Singapore may be the landing place.

An anonymous source revealed that Binance is seeking government-level funding and regulatory shelter with a valuation of $200 billion, with Singapore being a potential choice. Clues include Temasek Holdings' Vertex Ventures investing in Binance Singapore, and Binance Singapore's new CEO having served 13 years at the Monetary Authority of Singapore.

National Safe Haven

According to the blockchain commentator Wu, who cited multiple anonymous sources in a tweet, Singapore is the most likely landing spot for Binance. Earlier, Binance CEO Changpeng Zhao announced on Twitter that Richard Teng will be the CEO of Binance Singapore. Teng's credentials include:

• 13 years as Director of the Monetary Authority of Singapore (MAS)
• 7 years as Chief Regulatory Officer of the Singapore Exchange
• 6 years at the Abu Dhabi Financial Services Regulatory Authority

In addition, Vertex Ventures, a subsidiary of Singapore's sovereign wealth fund Temasek, has invested in Binance Singapore. Further investment in Binance's parent company seems logical if the government is willing to take on the risk.

CZ Holds Over 90% of Shares

Previously, Changpeng Zhao rejected financing from Sequoia Capital and explicitly stated that Binance does not need external funds. They are only interested in venture capital firms that can assist with regulations and obtain compliance licenses.

According to anonymous sources, Binance's shares are held only by Changpeng Zhao and co-founder He Yi, with a ratio of 92:8.

As for the staggering $200 billion valuation, Coinbase's first quarter profit was about $800 million, with a current market value of approximately $54.2 billion. Binance's profit is about four times that of Coinbase, hence the $200 billion valuation.