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Binance Planning Spree of Acquisitions Targeting Non-Crypto Businesses

Binance plans an acquisition spree targeting non-crypto businesses.

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Photo Twenty20Photos / Envato / Blockwatch

Binance, the popular crypto exchange is formulating a plan to go on an acquisition spree that will target companies operating outside of the crypto market, which means they’ll be looking to acquire more traditional operating companies, according to a report from the Financial Times.

“We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto,” Changpeng Zhao, the CEO of Binance, told the Financial Times in an interview.

He added, “The strategy is about making the crypto industry bigger.”

Zhao’s comments come right after the exchange’s gigantic $200 million investment in Forbes, which has effectively made this crypto exchange one of the 2 biggest owners of the publisher. This deal ironically came just over a year after Binance sued Forbes.

“With Binance’s investment in Forbes, we now have the experience, network and resources of the world’s leading crypto exchange and one of the world’s most successful blockchain innovators,” Mike Ferdele, the CEO of Forbes, said at the time.

Zhao’s comments have also come in the short while after Binance’s clash with the UK’s Financial Conduct Authority (FCA) just recently.

The FCA announced just earlier this week, a $36 million loan from Bifinity, which is an entity within the wider Binance group, to Eqonex Limited, which is the parent company of the FCA-registered crypto asset business titled Digivault Limited.

The result of this transaction, said the FCA, meant that “individuals and entities that are part of the Binance Group may have become beneficial owners of Digivault for the purposes of the Money Laundering Regulations,”–The regulations the FCA oversees in connection to crypto asset businesses.

The FCA also told Decrypt last summer, about its concerns regarding the crypto exchange’s apparent lack of a headquarters. In September, the regulator then doubled down on that and said Binance Markets Limited, which is a part of Binance Group, wasn’t capable of being regulated once it failed to provide any basic information on the regulator.

The FCA reiterated its concerns this week during the Bifinity and Eqonex deal, saying that until outstanding issues raised by the FCA find themselves addressed, their concerns about Binance’s Markets Limited remain.

“The FCA can take steps to suspend or cancel the registration of a crypto asset business if it is not satisfied the firm or its beneficial owner is fit and proper,” said the regulator.

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