Share this article
Binance CEO Zhao Considering Buying Banks: Report
Zhao wants his crypto exchange to become a bridge between traditional finance and crypto, according to a Bloomberg report.
By Nelson Wang
Updated May 9, 2023, 4:01 a.m. Published Nov 2, 2022, 6:27 p.m.
Make us preferred on Google
Binance founder and CEO Changpeng Zhao is looking into potentially buying banks as a way of bridging the gap between the worlds of traditional finance and crypto, according to an interview Zhao did with Bloomberg at the Web Summit conference in Lisbon.
Zhao did not name any specific targets, and also said he's open to either minority investments or a full acquisition.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“There are people who hold certain types of local licenses, traditional banking, payment-service providers, even banks. We’re looking at those things,” Bloomberg quoted Zhao as saying.
Zhao also noted that investing in banks is a smart strategy for Binance because when the crypto exchange works with a bank, Binance often winds up driving many new users to it, increasing the bank’s valuation.
Zhao has said in the past Binance has over $1 billion to spend on acquisitions, and he recently committed $500 million to help fund Elon Musk’s $44 billion takeover of Twitter. So far this year, Zhao's acquisition strategy has focused on expanding into publishing, decentralized finance (DeFi) and non-fungible token (NFT) projects.
UPDATE (Nov. 2, 18:48 UTC): Added detail to Zhao's comments in first paragraph.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Fireblocks expands into crypto financial reporting with $130 million TRES acquisition
TRES helps companies generate compliant financial records from blockchain activity, enabling them to meet audit standards and regulatory requirements.
What to know:
- Fireblocks said it bought TRES Finance, a crypto accounting and financial reporting platform, to bridge blockchain and traditional finance systems.
- The purchase cost $130 million, according to Fortune, which cited people familiar with the negotiations.
- TRES, which will operate as a standalone product, helps companies generate compliant financial records from blockchain activity, enabling them to meet audit standards and regulatory requirements.
