Cryptocurrency exchange Binance is taking a $200 million U.S. stake in business magazine Forbes, which has been continuously published for 105 years.
Forbes, known for its popular rankings of billionaires and celebrity net worth, said the deal would help make it a leader in reporting on digital assets such Bitcoin (BTC).
However, the investment has raised questions about potential conflicts of interest between the media and the businesses they may report on. Binance sued Forbes in 2020 for defamation, later dropping the case for unspecified reasons.
Analysts say that cryptocurrencies are vulnerable to manipulation through media hype, prompting warnings from market regulators.
In a statement announcing the investment, Binance said it sees media as “an essential element to build widespread consumer understanding and education” of cryptocurrencies and emerging blockchain technologies.
Binance said it is also looking at investments in other traditional companies as it looks to advance adoption of blockchain, a system for recording transactions that uses a decentralised ledger.
Forbes said Binance – which has faced scrutiny from regulators in the U.S and elsewhere – would provide technology advice, helping the business publication to “maximize its brand” and advance plans to convert readers to paying subscribers.
