Binance Prepares for New Acquisitions…Details Here
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Answer Binance Prepares for New Acquisitions…Details Here
Cryptocurrency trading giant Binance is preparing to go on a new shopping spree for companies active in the crypto space, according to a report in the Financial Times on Wednesday.
CEO Changpeng Zhao stated that Cayman Islands-based Binance will select deals that integrate various economic sectors in the cryptocurrency arena.
Their plan is to get competing firms to follow in the lead of a particular industry.
Through strong acquisitions, Binance aims to diversify its business, CZ said.
The company continues to rely heavily on trading fees, which are responsible for around 90% of its net profit.
Volume on Binance fell 15% in February, a worrying sign amid the continuation of the downtrend.
While it is not clear where Binance will place its bets, CZ claims they will target sectors such as gaming and e-commerce.Read:Surprise… Cryptopia is hacked for the second time in two weeks
The cryptocurrency exchange recently agreed to invest $200 million in Forbes.
Seeking to follow government regulations:
Last October, Binance became the target of a global regulatory attack, with regulators from several countries issuing warnings about the company.
Binance survived the attack by adopting a proactive attitude toward compliance.
According to a recent interview with its CEO, the company currently employs dozens of compliance and enforcement experts to keep up with the latest regulatory requirements.
Binance is currently in talks to obtain a license in Dubai as it strives to obtain much-needed legitimacy.
CZ recently hailed on Twitter the Dubai Virtual Asset Law as a major step forward.Read:Huobi invests tens of millions in DeFi investment and research
Here’s what you need to know about President Biden’s digital assets executive order.
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