%Binance, the world’s largest %Cryptocurrency exchange, says it is planning to buy banks and payment processors in Brazil as it seeks to grow its presence in Latin America.
Speaking at the %EthereumRio conference in Rio de Janeiro, Binance chief executive officer (CEO) Changpeng Zhao said the company is looking to strengthen its 100-person team in Brazil through strategic acquisitions.
Zhao’s statements come after Binance signed a Memorandum of Understanding (MoU) to buy Brazilian securities brokerage Simpaul Investimentos earlier this week.
According to Zhao, Binance plans to work closely with regulators and government agencies to find ways of fostering the development of the cryptocurrency industry “in a healthy and collaborative way.”
On his visit to Brazil, Zhao met with regulators and politicians, including the governor of the Brazilian state of Sao Paulo.
Pending legislation in Brazil would require cryptocurrency exchanges to be properly licensed, which would require them to either open a local office or acquire an existing operator.
Last week, Zhao said that Binance plans to buy more companies in non-cryptocurrency industries as a way of expanding the appeal of %DigitalCoins and %Tokens.