• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, May 19, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Binance is apparently planning to buy banks and payment processors

by Baisakhi Mishra
March 18, 2022
in Crypto, News
Reading Time: 2 mins read
0
Binance is apparently planning to buy banks and payment processors

Image Source: PYMNTS.com

TwitterWhatsappLinkedin

Binance is apparently planning to buy banks and payment processors. According to CoinDesk, CEO Changpeng “CZ” Zhao made the news at Ethereum Rio, a local blockchain conference in Rio de Janeiro (March 17). Three days earlier, the world’s largest cryptocurrency exchange signed a letter of intent to potentially purchase Sim; paul Investimentos, a Brazilian securities brokerage firm.

You might also like

Antonio Filosa Emerges as Leading Candidate for Stellantis CEO Role Amid Strategic Crossroads

VerSe Innovation to Lay Off 350 Employees as Dailyhunt and Josh Shift Focus to AI and Restructuring

Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

Binance is apparently planning to buy banks and payment processors
Image Source: PYMNTS.com

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

On Monday, Binance signed a Memorandum of Understanding (MoU) to buy Brazilian securities brokerage Sim;paul Investimentos, prompting Zhao’s comments.

According to Zhao, the exchange intends to work closely with regulators and government organizations to identify ways to promote the crypto industry’s development “in a healthy and collaborative way.” Zhao visited with regulators and politicians in Brazil, including Joo Dória, the governor of the Brazilian state of So Paulo, on Monday.

Binance has courted regulatory officials actively in what Zhao termed as a “shift from reactive compliance to proactive compliance” last August.

The company got a crypto-asset service provider license from the Central Bank of Bahrain on March 14, followed by a Virtual Asset License from Dubai’s Virtual Asset Regulatory Authority two days later.

Following a series of run-ins with regulators in the EU and Asia late last year, Binance is looking to create a headquarters. Buying a licensed bank to become compliant is not a novel concept in the industry.

Coinbase, a long-time compliance-focused crypto exchange, purchased securities dealer Keystone Capital in 2018 in order to achieve broker-dealer status with the US Securities and Exchange Commission. BitMEX, a crypto derivatives exchange, bought Bankhaus von der Heydt, a 268-year-old German bank, in January as part of its aim to create a “regulated crypto products powerhouse in the heart of Europe,” according to BitMEX Group CEO Alexander Höptner.

Through local relationships, Binance competitors like OKEx and Crypto.com were able to gain access to Brazil’s government-backed PIX immediate payment system. However, talk of suspending PIX late last year — for unconnected reasons — underlines a major advantage: changes in a country’s political and regulatory climate would not take exchanges offline.

With Brazil reportedly on the verge of regulating cryptocurrency exchanges, purchasing a bank may be easier than persuading one to agree to serve its customers — or to do so in the future.

If you find this article informative then do not forget to share it with your friends and family!

Also read: Airbnb may accept Bitcoin and Lightning in the near future

Tags: #Alexander Höptner#Changpeng "CZ" ZhaoBinance
Tweet54SendShare15
Previous Post

How to make money selling videos of yourself

Next Post

Real Madrid Star Vinicius Jr. Joins Overeality for NFT Collaboration

Baisakhi Mishra

Recommended For You

Antonio Filosa Emerges as Leading Candidate for Stellantis CEO Role Amid Strategic Crossroads

by Samir Gautam
May 18, 2025
0
Antonio Filosa Emerges as Leading Candidate for Stellantis CEO Role Amid Strategic Crossroads

Antonio Filosa, the executive currently leading Stellantis’ U.S. operations, has emerged as the top contender to succeed outgoing CEO Carlos Tavares, according to reports from Bloomberg. As Stellantis...

Read more

VerSe Innovation to Lay Off 350 Employees as Dailyhunt and Josh Shift Focus to AI and Restructuring

by Rounak Majumdar
May 18, 2025
0
VerSe Innovation to Lay Off 350 Employees as Dailyhunt and Josh Shift Focus to AI and Restructuring

The parent firm of well-known content sites Dailyhunt and Josh, VerSe Innovation, has announced a major layoff, laying off about 350 employees this month. Since the company's last...

Read more

Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

by Rounak Majumdar
May 18, 2025
0
Indian Defence Forces Granted Emergency Procurement Powers Amid Operation Sindoor

In May 2025, India's national security environment changed drastically after the disastrous Pahalgam terror strike in Jammu and Kashmir, which left 26 people dead. The Indian government responded...

Read more
Next Post
Real Madrid Star Vinicius Jr. Joins Overeality for NFT Collaboration

Real Madrid Star Vinicius Jr. Joins Overeality for NFT Collaboration

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?