Binance plans a M&A-axle while the supervisory authorities take a close look

Binance plans an acquisition tour to penetrate new markets because its massive trade unit for digital assets is subject to a continuing official examination.

The crypto company, one of the largest in the digital asset industry, plans to buy companies in the US economic publication forbes at the beginning of this year that work in traditional markets, said CEO of Binance, Changpeng Zhao, in an interview.

"We want to identify one or two goals in every economic sector and try to bring them to crypto," said Zhao, adding that it would strengthen the competition to put an individual company in an industry such as Z pressure on other established groups.

The Dealmaking advance from Binance comes because its core exchange business-which enables traders to complete turbo-charged bets on digital coins-was the subject of a flood of official complaints. About 90 percent of Binance's total revenue come from trade fees that fluctuate with the price of Bitcoin and other cryptocurrencies, said Zhao.

The company registered on the Kaiman Islands is a dominant participant in the KryptoHandel. According to the latest figures from CryptoCOMPARE, Binance handled a little more than $ 500 billion in spot crypto trade volume in January, almost four times more than its next largest competitor. His fictional volume of crypto derivatives of $ 1.5 trillion was more than twice as high as the next competitor.

supervisory authorities around the world warned of the risks for consumers who act on the extensive cryptocurrency exchange from Binance. They also expressed concerns about the group's procedures to prevent money laundering.

ZHAO said the company hired dozens of compliance and enforcement experts and use the types of customer exam software used by banks' compliance departments. He added that the stock exchange now has 70 employees in Great Britain, many of which focus on regulatory questions.

bony has been repeatedly advised with the Financial Conduct Authority, the British supervisory authority. In mid -February, the FCA said that it was "concerned" about a deal that Binance had completed with the payment provider Paysafe in order to regain access to a large British payment network after the stock exchange was cut off from the system last summer.

This week also gave a new warning about the “complex and risky financial products” by Binance after the stock exchange forged a deal that the company said that it could be a step to take full control over Eqonex, a battered digital financial group from Singapore. EQONEX is the parent company of the DigiVault digital asset, which belongs to a group of cryptopical groups that are registered with the FCA.

Binance had tried to be included in the FCA list of the approved companies for digital assets via a subsidiary based in London, but withdraw this application last year after the FCA had requested a "comprehensive disclosure" and hundreds of pages on documents in connection with money laundering rollers. The FCA later said that the British subsidiary of Binance did not answer some of its fundamental inquiries.

The dealmaking advance could expand the business interests of Binance. As part of this strategy, Binance invested $ 200 million in Forbes and gave the group two board seats at the centuries-old US economic magazine. Zhao said the group would now be aimed at other industries-such as retail, e-commerce and gaming.

Despite the entry into new business, Zhao said that he was not trying to build Binance into a "conglomerate". Instead, he sees that the company creates the infrastructure to integrate digital assets into existing industries.

"The strategy is to make the crypto industry bigger," said Zhao.