According to CEO Changpeng Zhao of Binance, the world’s largest cryptocurrency exchange by trading volume, the company wants to buy more companies in non-crypto industries to broaden the appeal of digital assets.
“In every economic area, we aim to find and invest in one or two targets and try to bring them into crypto,” Zhao stated. “The goal of the approach is to grow the crypto business.”
Binance bought $200 million in Forbes, a U.S. publisher that wants to float on the New York Stock Exchange, in February.
Binance Lends Money To Eqonex
It’s also been investing in cryptocurrency, with its Bifinity unit financing Equinox $36 million in a loan that can be converted into an ownership share this week. Equinox is the parent company of Digivault, which became the first crypto custody provider to receive regulatory permission from the Financial Conduct Authority in the United Kingdom last year (FCA). The FCA expressed its displeasure with the agreement.
The FCA was also concerned about Binance acquiring access to the UK’s Faster Payment Service in February through a deal with payments firm Paysafe.
The exchange has been adding compliance professionals after being chastised by regulators throughout the world last year. According to the Financial Times, it now employs 70 people in the United Kingdom, many of whom work in regulatory roles.