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Binance’s Acquisition Spree Of Non-Crypto Businesses To Start Soon

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Binance’s acquisition spree of non-crypto businesses could start sooner than expected according to the reports that we have today in our Binance news.

The crypto exchange is planning an acquisition spree that will target companies from the traditional markets and non-crypto businesses and Binance’s acquisition spree could start much sooner. The CEO Changpeng Zhao noted:

“We want to identify and invest in one or two targets in every economic sector and try to bring them into crypto. The strategy is about making the crypto industry bigger.”

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Zhao’s comments came hot on the heels of the exchange’s $200 million investment in Forbes which made the exchange one of the two biggest owners of the publisher and the deal came over a year after Binance sued Forbes. The Forbes CEO Mike Ferndale said:

“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.”

Zhao’s comments came after Binance’s most recent clash with the UK financial conduct authority. The FCA even announced a $36 million loan from Bifinity which is an entity from Binance Group and Eqonex Limited which is a parent company of FCA-registered Digivault Limited. As a result, FCA said that the individuals a part of the Binance Group are becoming beneficial owners of the Digivault for purposes of Money Laundering REgulations that the FCA oversees In connection to crypto businesses.

Last summer, the FCA said that it was concerned about the exchange’s lack of headquarters and then in September, the regulator doubled down saying that Binance Markets Limited is a part of Binance Group and it is not capable of being regulated after failing to provide basic information to the regulator. The FCA reiterated the concerns amid the Bifinity and Eqonex deal until the issues raised by the FCA are addressed. The regulator added:

“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.”

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As recently reported, Binance charity donated $2.5 million in crypto to UNICEF as a gesture for the children of Ukraine during times of war. Binance donated to help the children of Ukraine in the country’s war against Russia which joined a wave of individuals in the crypto ecosystem that started giving money and taking a stand for the struggling in the country.

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