Binance plans to set up a team and buy a bank in Brazil: Report

Binance exchange is working to expand its reach in Latin America through the acquisition of traditional financial services.

Binance is a popular crypto exchange, which is standing at first rank by 24 hours crypto trading volume. In the present time, the exchange is trying to become regulated crypto exchanges globally, for this initiative the exchange is trying to expand its hand in almost every financial sector and also continuously collecting crypto licenses in all countries and regions of the world.

On 16 March, During an interview at EthereumRio, an Ethereum community event held in Rio de Janeiro, Binance CEO Changpeng Zhao shared the plan of the Binance exchange in Latin America.

Zhao said that Binance is looking to acquire payment processors, financial platforms, and also Banks in Brazil. Besides all these plans, Binance also aimed to strengthen the potential of Binance’s appearance in Brazil with the setup of a 100 person team.

This statement of Binance CEO is coming just after a Memorandum signed between Binance and acquire Brazilian securities brokerage Sim; paul Investimentos.

According to Binance CEO, Exchange aimed to work under full collaboration with the local government agencies and regulators to comply with rules and standards perfectly. 

On Monday, Zhao visited Brazil. There he met with many politicians and also regulatory officials. And also did a meeting with the governor of the Brazilian state of São Paulo, João Dória.

Last week, Binance’s CEO revealed that Binance exchange will buy/Invest in almost every company or platform of financial sectors. 

Binance secured two licenses in the Middle East

At present, Binance exchange is trying to expand its crypto services in the Middle East. 

In this beginning week, Exchange secured a crypto license in Bahrain. And after that last day, the exchange secured a license from virtual currencies regulatory body  VARA, to provide crypto services to qualified and institutional investors in UAE. 

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