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Binance is looking to get a stronger hold of the Latin American continent, to begin with in Brazil. The world’s largest cryptocurrency exchange by miles, has announced it signed a memorandum of understanding with a Brazilian brokerage firm called Sim;paul Investimentos. Binance intends to fully acquire the business once it receives approval from regulators in the country.
In a press release, Binance stressed its goal of developing the cryptocurrency and the blockchain ecosystem in Brazil with CEO Changpeng ‘CZ’ Zhao commenting:
“In a fast-developing market like Brazil, crypto can transform and facilitate people’s lives and as such we believe – in full collaboration with local authorities – that Binance has a lot to contribute in developing the community and ecosystem in Brazil.”
Binance is moving rapidly in expanding its kingdom with acquisitions. Recently, Zhao said that his company’s (aggressive) strategy is to venture outside of the crypto space to traditional markets and sectors, and then introducing them to crypto. He said:
“We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto.”
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On Monday, Binance announced that it received the green light to operate in Bahrain, making it the first Middle East country that officially welcomes the exchange.