Company Briefs : Binance

Binance, the largest crypto exchange by trading volumes, yesterday said it is limiting services for Russian nationals that have crypto assets exceeding €10,000 (S$14,870), in the light of the European Union's latest sanctions against Russia.

The EU, in its fifth package of sanctions against Moscow, this month targeted crypto wallets, banks, currencies and trusts to close potential loopholes that could allow Russians to move money abroad. Russian nationals or legal entities in Russia with crypto account balances that exceed €10,000 will have 90 days to close their positions.

REUTERS

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Boring Co

Mr Elon Musk's tunnelling start-up Boring Co has raised US$675 million (S$920 million) in a funding round led by Vy Capital and Sequoia Capital. The round values the start-up at US$5.675 billion, the company said in a press release on Wednesday.

Boring aims to "solve traffic" by building transport networks in tunnels deep underground. The company already has a tunnel system at the Las Vegas Convention Centre and ferried passengers about at the CES conference earlier this year. The company said it would use the new funding to "significantly increase hiring".

BLOOMBERG

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Shopify

Shopify is in talks to buy technology start-up Deliverr, according to people familiar with the matter, a move that would help the Canadian e-commerce firm expand in fulfilment services.

A deal could value San Francisco-based Deliverr at more than US$2 billion (S$2.7 billion), said the people, adding that no final decision has been made and discussions could fall apart.

Deliverr helps merchants on Amazon.com, eBay and other online marketplaces get products to consumers in two days or less, according to its website.

BLOOMBERG