Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Crypto Exchanges»Binance plots M&A spree as regulators scrutinize crypto trading unit
    Crypto Exchanges

    Binance plots M&A spree as regulators scrutinize crypto trading unit

    Joshua Oliver, Philip Stafford and Siddharth Venkataramakrishnan
    March 10, 2022By The Financial Times3 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    Group looking to scoop up businesses that operate in traditional markets following earlier investment in Forbes.

    Binance is planning an acquisition spree to push in to new markets as its massive digital assets trading unit comes under sustained regulatory scrutiny.

    Donate to RareHippo Now!

    The crypto company, one of the biggest in the digital asset industry, is looking to scoop up businesses that operate in traditional markets following its investment earlier this year in US business publication Forbes, Binance chief executive Changpeng Zhao said in an interview.

    “We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto,” said Zhao, adding that pushing a single company in an industry, such as media, to embrace crypto will amp up competition and pressure other incumbent groups to do the same.

    Binance’s dealmaking push comes as its core exchange business — which allows traders to make turbocharged bets on digital coins — has been the subject of a flurry of regulatory rebukes. About 90 per cent of Binance’s overall revenues are derived from trading fees, which fluctuate with the price of bitcoin and other cryptocurrencies, Zhao said.

    The Cayman Islands-registered company is a dominant participant in crypto trading. Binance handled slightly more than $500bn in spot crypto trading volume in January, according to the most recent figures from CryptoCompare, nearly four times more than its next largest rival. Its $1.5tn in notional crypto derivatives volume was more than twice the next competitor.

    Regulators around the world issued warnings last year about the risks to consumers trading on Binance’s sprawling cryptocurrency exchange. They also flagged up worries about the group’s procedures to prevent money laundering.

    Zhao said the company was hiring dozens of compliance and enforcement professionals and utilising the types of customer-checking software used by banks’ compliance departments. He added that the exchange now has 70 employees in the UK, many of whom are focused on regulatory issues.

    However, Binance has clashed repeatedly with the Financial Conduct Authority, the British regulator. The FCA said in mid-February that it was “concerned” about a deal Binance struck with payments provider Paysafe to regain access to a big UK payments network after the exchange was cut off from the system last summer.

    It also issued a fresh note of caution this week over Binance’s “complex and high-risk financial products” after the exchange forged a deal that the company said could be a step towards taking full control of Eqonex, a struggling Singaporean digital finance group. Eqonex is the parent company of digital assets custody company Digivault, which is among a clutch of crypto groups registered with the FCA.

    Binance had attempted to garner entry on to the FCA list of approved digital asset companies through a London-based affiliate, but pulled that application last year after the FCA demanded “exhaustive disclosure” and hundreds of pages of documents related to anti-money laundering controls. The FCA later said Binance’s UK affiliate had failed to respond to some of its basic queries.

    The dealmaking push could broaden Binance’s business interests. As part of this strategy, Binance invested $200mn in Forbes, giving the group two board seats at the century-old US business periodical. Zhao said the group would now target other industries — such as retail, ecommerce and gaming.

    Despite moving into new businesses, Zhao said he was not trying to build Binance into a “conglomerate”. Instead, he sees the company creating the infrastructure to integrate digital assets into existing industries.

    “The strategy is about making the crypto industry bigger,” Zhao said.

    Read full story on The Financial Times

    Crypto Exchanges Investment
    Previous ArticleCrypto backed by gold is a rare bright spot as investors respond to volatile stock market & stagflation fears
    Next Article DAOs: leaderless online crypto clubs could be the future of companies

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Stablecoins

    Silvergate Keeps Its Stablecoin Dream Alive After Diem Purchase

    February 3, 20223 Mins Read

    Silvergate Capital Corp. plans to use the technology it acquired from the failed Facebook-backed digital-asset project…

    Uber CEO says rideshare company will accept crypto ‘at some point’

    February 11, 2022

    Crypto miners suffer amid major energy crunch in Kazakhstan

    November 28, 2021

    Will DAOs Replace Crypto Venture Capital?

    January 6, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.