Cryptocurrency exchange Binance to explore acquisition of Brazilian securities brokerage

Cryptocurrency exchange Binance on Monday signed a memorandum of understanding to explore the acquisition of Sim;paul Investimentos, a Brazil-based securities brokerage, according to a release. The move is intended to enhance the cryptocurrency and blockchain ecosystem in Brazil, the company said. Founded in 2019, Sim;paul was authorized by both the Central Bank of Brazil and the Securities and Exchange Commission. "In a fast-developing market like Brazil, crypto can transform and facilitate people's lives and as such we believe - in full collaboration with local authorities - that Binance has a lot to contribute in developing the community and ecosystem in Brazil," said Binance Founder and CEO Changpeng Zhao. Binance coin (BNB-USD -1.6%), the crypto issued by the Binance exchange, is slipping intraday, as bitcoin (BTC-USD -0.5%) and etherem (ETH-USD -1.4%) trade in negative territory. At the beginning of March, Binance took equity stake in Malaysian trading platform MX Global.