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Binance Prepares for New Acquisitions…Details Here

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

Read also:

Here’s what you need to know about President Biden’s digital assets executive order.

Bitcoin’s correlation with stocks hits a two-month low…Will they break up?


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