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Binance Signs MoU to Buy Brazilian Securities Brokerage Sim;paul

Published 03/14/2022, 09:06 AM
Updated 03/14/2022, 09:27 AM
© Bloomberg. The Binance Markets Ltd. cryptocurrency exchange trading app arranged on a smartphone in London, U.K., on Monday, June 28, 2021. Binance Markets Ltd., an affiliate of top global crypto bourse Binance, was told by the Financial Conduct Authority it has until the evening of June 30 to confirm it has removed all advertising and financial promotions, according to the authority’s register. Photographer: Jason Alden/Bloomberg

(Bloomberg) -- Binance Holdings Ltd. has signed a memorandum of understanding to buy Brazilian securities brokerage firm Sim;paul Investimentos. 

Sim;paul is authorized by the Central Bank of Brazil and the Securities and Exchange Commission, Binance said in a statement. Any deal will require the approval of regulatory authorities, including the central bank.

Binance, the world’s largest cryptocurrency exchange by trading volume, is looking to buy businesses that operate in traditional markets, its CEO Changpeng Zhao said in an interview with the Financial Times this month. “The strategy is about making the crypto industry bigger,” Zhao told the paper.

Founded in China in 2017, Binance hasn’t set up a global base yet. In recent months, company executives have held talks with regulators in the UAE about a potential headquarters in the country, Bloomberg has previously reported.

©2022 Bloomberg L.P.

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