According to Binance CEO Changpeng Zhao, the company will take steps to strengthen its position in Brazil and comply with local regulations.
Zhao said today that the exchange is looking to acquire banks and payment processors in Brazil.
Speaking at EthereumRio, an Ethereum community event held in Rio de Janeiro, Zhao stated that they also want to strengthen their 100-person team in Brazil.
The CEO’s comments came after Binance signed a Memorandum of Understanding (MoU) to acquire Brazilian securities brokerage Sim;paul Investimentos. According to
Zhao, the exchange plans to work closely with regulators and government agencies to find ways to promote the development of the crypto industry in a “healthy and collaborative way.”
During his visit to Brazil, Zhao met with regulators and politicians, including João Dória, the governor of the Brazilian state of São Paulo.
Pending legislation in Brazil will require licensing crypto exchanges as well as opening a local office or purchasing an existing operator.
Binance CEO said that the company plans to acquire more companies in the non-crypto sectors as well.
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