As part of a private placement, the crypto exchange purchased 1.2 million Class A common shares at a price of $80.80 each. Binance will not be able to sell, transfer, or hedge the shares for two years. The parties completed the deal together with a new five-year commercial agreement expanding the promotion of USDC. Circle agreed to pay Binance a monthly fee in the form of a percentage of the USDC held in the wallet.
At the same time, Circle is also launching BTC-collateralized USDC lending for institutional clients. Meanwhile, the Manhattan District Attorney’s Office has launched an investigation into Binance’s violations of U.S. sanctions against Iran.