Binance signed a Memorandum of Understanding to consider the acquisition of Brazilian Sim;Paul Investimentos (Sim;Paul). Binance is striving to obtain a foothold in Brazil through the acquisition.
Sim;Paul is authorized by the Central Bank and the Securities and Exchange Commission. The acquisition is pending the approval of the regulators including the Central Bank of Brazil.
Changpeng Zhao, the CEO of Binance said, "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.
"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 SAFU
Binance crypto exchange has taken great measures to expand its reach and to offer a secured trading platform . At the beginning of the year, Binance amended its Secure Asset Fund for Users (SAFU).
SAFU acts as an emergency insurance in the event Binance is hacked. The company allocated 10% of all trading commissions for the insurance fund. If a security breach takes place, the company assures it has the funds to reimburse its traders.
The CEO of Binance said the following on SAFU, “Transparency is an important element of building trust, which is why we are publishing our insurance fund wallet address.
"We call on all centralized exchanges to do the same as it will benefit the entire ecosystem and demonstrate to governments, regulators and important stakeholders our collective commitment to uphold trust, integrity and transparency in the crypto ecosystem.”
source: blockchain.com
The Binance CEO said one of his goals is to acquire companies outside of the crypto industry to increase the company's digital assets exposure. In February, Binance recently invested $200 million in Forbes, a well-known business magazine.
