Cryptocurrency exchange Binance is readying for a shopping spree that will cover various industries such as ecommerce and gaming
Cryptocurrency juggernaut Binance is preparing to go shopping for non-crypto businesses, according to a report published Wednesday by the Financial Times.
CEO Changpeng Zhao told the media outlet that the Cayman Islands-based exchange will pick deals that will further integrate various economic sectors into crypto. Their plan is to make rival companies follow the example of a trailblazer within a certain industry.
Branching out
With its aggressive acquisition push, Binance aims to diversify its business. The company continues to rely heavily on trading fees, which make up around 90% of its bottom line.
The exchange’s trading volume dropped 15% in February, a worrying sign amid persistent bearish sentiment.
While it is unclear where Binance will place its bets, Zhao says they will target sectors such as gaming and e-commerce.
As reported by U.Today, the crypto exchange recently agreed to make a $200 million investment in Forbes, the financial outlet it once took to court for defamation before dropping the lawsuit.
Regulatory conformity
Last October, Binance became the target of a global regulatory offensive, with regulators in many countries issuing warnings about the exchange.
Binance has successfully survived the onslaught by adopting a proactive stance to compliance.
According to the most recent interview, the company currently employs “dozens” of compliance and enforcement experts to keep up to date with the latest regulatory requirements.
Binance is currently in talks to get licensed in Dubai as it strives to gain much-needed legitimacy. Zhao recently praised the city’s virtual asset law as a “great step forward” on Twitter.
