Binance To Buy Banks And Payment Processors In Brazil

Binance is making headlines following the latest reports about the important exchange’s plans. Check out the latest news revealed by the CEO of Binance below.

CoinDesk just revealed that Binance is looking into acquiring banks and payment processors in Brazil, Binance CEO Changpeng “CZ” Zhao said Wednesday.

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

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

He said that Binance is planning to work closely with regulators and government agencies as well. The exchange is planning to find ways of fostering the development of the crypto industry “in a healthy and collaborative way.”

The same article posted by the aforementioned publication noted that 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.”

Binance made headlines again not too long ago. It’s been revealed that the exchange announced the launch of a new payments tech company that is called Bifinity. Check out the latest reports involving this new move below.

The official announcement revealed that Bifinity would also serve as Binance’s official fiat-to-crypto payments provider.

Bifinity also has a strategic partnership with EQONEX Limited – this is the first digital asset firm with an exchange to be publicly listed in the US.

Make sure to check out our previous article in order to learn more details about all this.