Binance plans on acquiring banks in Brazil: CEO Changpeng Zhao

Binance plans on acquiring banks in Brazil: CEO Changpeng Zhao

CEO Zhao announced this news during a crypto event on Wednesday in Rio de Janeiro.

Binance CEO Changpeng Zhao Binance CEO Changpeng Zhao

Binance CEO Changpeng Zhao announced on Wednesday that the exchange has plans to acquire Brazilian banks and payment processors.

Zhao made this announcement at EthereumRio, a community gathering for Ethereum hosted in Brazil's Rio de Janeiro. He announced that the business is planning to expand its 100-person staff in Brazil.

Binance is the largest cryptocurrency exchange in the world in terms of trading volume. The exchange also announced on Monday that it had signed a Memorandum of Understanding (MoU) to acquire Brazilian securities brokerage Simpaul Investimentos.

According to Zhao, the exchange intends to collaborate closely with regulators and government organisations to determine how to foster the growth of the cryptocurrency industry "in a healthy and collaborative way."

Zhao has also met Brazillian politicians on his recent trip to Brazil.

Brazil introduced a framework to legalise cryptocurrencies in the country in late February this year. Brazil's new legislation would compel crypto exchanges to obtain legal authorisation, which may be accomplished by the establishment of a local office or the acquisition of an existing operator.

Changpeng Zhao, CEO of Binance, announced last week that the company intends to also acquire additional companies in non-crypto industries in order to broaden the appeal of digital assets.

It is also noteworthy to mention that Binance received a license to operate in Bahrain earlier this week. 

Recently, Binance became the second crypto exchange to receive a license to operate in Dubai. FTX exchange was the first to receive the license from Dubai's new crypto regulatory authority.