Changpeng Zhao (CZ), CEO of leading cryptocurrency exchange Binance, disclosed on Wednesday that the firm is looking into buying banks and payment processors in Brazil. CZ disclosed this during EthereumRio, an Ethereum community event held in Rio de Janeiro.
Binance Plans to Buy Brazilian Banks
According to the CEO, the move will help strengthen the firm’s presence in the Latin American country while complying with Brazilian financial regulators.
CZ also noted that 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.”
Zhao also revealed that Binance is looking to expand its 100-person team in Brazil.
Recall that Binance recently signed a Memorandum of Understanding (MoU) to invest in Brazilian Securities Brokerage Sim;paul which was approved by the Central Bank Brazil (CBB) and the Securities and Exchange Commission (CVM).
During his visit to Brazil, CZ met with regulators and prominent Brazilian politicians including João Dória, Governor of São Paulo.
It was a great pleasure meeting with the Governor of São Paulo @jdoriajr! ???????? pic.twitter.com/49pUC4p45M
— CZ ???? Binance (@cz_binance) March 15, 2022
Binance Obtains License to Operate in Dubai
Yesterday Binance received its second operational license in the Middle East region. The exchange announced that it was granted a virtual asset license to conduct its operations in Dubai under the newly established Virtual Asset Regulatory Authority (VARA).
VARA is an independent authority recently introduced to oversee crypto activities such as regulation, issuance of cryptocurrencies, NFTs and other virtual assets in the United Arab Emirates (UAE).
“Binance will be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers. All licensed VARA service providers will be monitored progressively for open access to the retail market,” Binance said in a statement.
The approval comes shortly after the crypto exchange received a crypto-asset service provider license from the Gulf Cooperation Council (GCC) on Tuesday to offer its services in Bahrain.
Meanwhile, FTX also recently acquired a full operational license in Dubai, making it the second time such a license has been granted.
FTX was first to be awarded such authorization under Dubai’s prudential regime to introduce complex crypto derivatives products to the UAE market with a centralized exchange.
