Binance acquired 1.24 million Class A shares of Circle at $80.84 each in a private placement that closed on September 17, according to an SEC filing. This price reflected a discount to Circle’s market value before the sale. As part of the agreement, Binance cannot sell, transfer, or hedge the shares for up to two years, though it retains voting rights. Circle will pay Binance a monthly incentive fee based on the USDC held through its Modular Smart Contract Wallet service, while Binance will conduct promotional activities for the stablecoin.