Binance is 'reviewing all possible options' for Forbes investment after scrapped SPAC

Crypto exchange Binance may still invest in Forbes, despite reports that the media firm has scrapped plans to go public through a special purpose acquisition company (SPAC) listing.

The New York Times reported on Tuesday that the SPAC was off amid a cooling in investor appetite for such deals and greater regulatory scrutiny.

Forbes had hoped to raise $400 million through a merger with a SPAC called Magnum Opus Acquisition Ltd. Half of that was set to come from Binance, as announced in February, with the deal initially due to close in March.


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But Binance may still find a way to invest in the media company. “We’re continuing to review all possible options and look forward to working with the leadership team at Forbes in the months ahead,” a spokesperson for the crypto firm said on Wednesday.

Forbes was contacted for comment but did not respond by press time.

The pair make for an odd match given their history. Binance sued Forbes for defamation in 2020 after the publication ran a story based on leaked documents that it claimed revealed elaborate efforts to avoid regulation. Binance voluntarily dropped the lawsuit in February of the following year.

About Author

Ryan Weeks is deals editor at the The Block, focused on fundraising, M&A and institutional trends in the crypto space, among other things. He is particularly interested in investigative work — so please send tips! Ryan previously worked at Financial News, Dow Jones as a fintech correspondent in London. Prior to that, he wrote for several different publications, including Sifted, AltFi and Wired. Beyond journalism, Ryan is a keen reader and writer. He enjoys all things active, especially running, rugby, climbing and tennis.