Binance CEO Says Firm Is Looking Into Buying Banks and Payment Processors in Brazil

The company will seek to strengthen its presence in the Latin American country and comply with local regulations, according to CEO Changpeng Zhao.

AccessTimeIconMar 16, 2022 at 10:11 p.m. UTC
Updated May 11, 2023 at 5:57 p.m. UTC

This article is adapted from CoinDesk Brasil, a partnership between CoinDesk and InfoMoney, one of Brazil's leading financial news publications. Follow CoinDesk Brasil on Twitter.

Binance, the world's largest cryptocurrency exchange by trading volume, is looking into acquiring banks and payment processors in Brazil, Binance CEO Changpeng Zhao said Wednesday.

Speaking at EthereumRio, an Ethereum community event held in Rio de Janeiro, Zhao also said the company is looking to strengthen its 100-person team in Brazil.

Zhao’s statements come after Binance signed a Memorandum of Understanding (MoU) to acquire Brazilian securities brokerage Sim;paul Investimentos on Monday.

According to Zhao, the exchange plans to work closely with regulators and government agencies to find ways of fostering the development of the crypto industry “in a healthy and collaborative way.”

On his visit to Brazil, Zhao met with regulators and politicians, including the governor of the Brazilian state of São Paulo, João Dória, on Monday.

Pending legislation in Brazil would require crypto exchanges to be properly licensed, which would require either opening a local office or acquiring an existing operator.

Last week, Zhao said that Binance plans to buy more companies in non-crypto industries as a way of expanding the appeal of digital assets.

This article was translated by Andrés Engler and edited by CoinDesk. The original Portuguese can be found here.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Paulo Alves is a crypto editor at InfoMoney, a leading financial news publication in Brazil.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.