Pakistan, March 13 -- Abu Dhabi-backed investment group MGX has made a $2 billion cryptocurrency investment in Binance, the companies said on Wednesday, deepening ties between the world's largest crypto exchange and the United Arab Emirates.

The deal, which Binance called its first institutional investment, is one of the largest ever in the crypto industry. It will see MGX become a minority shareholder after making the investment in stablecoin - a type of cryptocurrency pegged to a fiat currency such as the dollar.

A Binance spokesperson declined to comment on "the agreed governance rights" or the size of MGX's stake, or on which stablecoin was used for the investment. MGX also declined to comment. Binance, founded in 2017 in China by b...