To increase crypto acceptance among the general public, the CEO of Binance, the world’s biggest crypto exchange by trading volume, has announced that the company is contemplating investing in a few companies outside of its regular scope.

Binance is planning to invest in non-crypto companies

Binance is reportedly looking for investment possibilities in the conventional business sector to bring them into crypto, as per a Financial Times story.

We intend to build and invest money into one or two objectives in each financial sector and strive to bring them into crypto, according to Changpeng Zhao (CZ).

Binance made headlines lately when it announced the purchase of a record $200 million stake in Forbes, a renowned media publisher. The investment awarded the company two seats on the newspaper’s board of directors.

The crypto community applauded the investment as an indication of the cryptocurrency space’s increasing maturity, as well as the amount of seriousness with which crypto businesses would go to put their firms into the spotlight.

Tập đoàn giao dịch tiền ảo Binance muốn mở rộng hoạt động sang Nga | Tài  chính | Vietnam+ (VietnamPlus)

Binance is also said to be one of the few companies interested in buying Chelsea Football Club. Owing to enhanced rules imposed on Russian billionaires, the club owned by Roman Abrahamovic was recently put up for sale. The conversation, on the other hand, has debunked the story.

Regulatory Issues with Binance

With Binance trying to extend its activities outside the cryptocurrency arena, one might question how its regulatory concerns may affect conventional company investments.

The Financial Conduct Authority, the UK’s primary financial watchdog, commented on the cooperation between a cryptocurrency company’s subsidiary and EQONEX, a financial services business. The regulator underlined its displeasure with the exchange’s actions in its jurisdiction.

The FCA went on to say that only Binance Markets Limited was permitted to operate in the UK and that no other Binance Group business or subsidiary had been granted permission to do so.

While it is unknown how this would influence Binance’s commercial interests in the United Kingdom, it is evident that the authorities are cautious about exchange activity in their jurisdiction.

Nevertheless, the exchange’s CEO recently met with UK legislators to improve the exchange’s relationship with the government.


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