Binance CEO Zhao Is Considering Acquiring Banks: Report

Binance CEO Acquiring Banks

Zhao claimed that he's receptive to either minority financing or a complete purchase, although he did not specify any targets. Various local licenses, conventional banking, money transmitters, and even banks are all held by individuals. Zhao stated that they are considering these things.

Investing in banks, according to Zhao, is a sensible choice for Binance because whenever a bank partners with the cryptocurrency exchange, Binance frequently attracts a significant number of new users, raising the bank's value.

CBDCs - No Threat to Cryptocurrency

Zhao also discussed CBDCs and their function in the cryptocurrency sector. The CEO of Binance stated that CBDCs would legitimize blockchain technology and foster confidence among people who have reservations about it. He claimed during the conference that CBDCs are not a danger to his business or the cryptocurrency industry.

Additionally, he said that governments embracing blockchain would be positive. However, he also pointed out that blockchain is not the same as cryptocurrency, which he called "deflationary."

In the past, Zhao stated that Binance has over $1 billion available for purchases, and he recently pledged $500 million to support Elon Musk's $44 billion acquisition of Twitter. Zhao has prioritized non-fungible tokens (NFT), decentralized finance (DeFi), and releasing startups in his acquisition strategy this year.

Binance Charity Partners with MYDIN

Today, Binance announced cooperation with Malaysia's largest locally-owned Halal retail and wholesale chain, Mydin Mohamed Holdings Berhad (MYDIN), to support vulnerable rural areas with humanitarian assistance.

The collaboration between Binance Charity and MYDIN Prihatin comprises a contribution of emergency goods to assist individuals impacted by the epidemic and flood. The money will go toward purchasing necessities for the less fortunate by MYDIN Prihatin.