Binance Signs MOU to Potentially Acquire Brazilian Securities Firm

Binance seeks to develop the cryptocurrency and blockchain ecosystem in Brazil with the possible acquisition of Sim;paul, a Brazilian securities firm regulated by the Central Bank of Brazil.

Binance Moves Into Brazil

Global cryptocurrency exchange Binance has announced the signing of a memorandum of understanding (MOU) to potential purchase Sim;paul

The organization is a Brazilian securities brokerage firm authorized by the Central Bank of Brazil and the Securities and Exchange Commission (CVM). An MOU does not guarantee that the purchase will go through. However, should Binance pursue the acquisition, it will require the approval of a regulatory authority like the Central Bank of Brazil.  

“At Binance, our goal is to grow adoption of crypto around the world to generate a positive impact for our users, the crypto and blockchain community, and society in general,” says Changpeng Zhao, founder, and CEO of Binance said in the press release from March 14.

“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,” CZ added.

The world’s largest exchange continues to expand its reach. Binance has been active over the last few weeks after recently launching Bifinity, a fiat-to-crypto payment platform for merchants and businesses. You can read more about Bifinity here

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