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#BinanceTournament 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. 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. “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.

#BinanceTournament 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.

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.

“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.

Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
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Banks Have $9 Billion in Cryptocurrency Exposure Equating to Roughly 0.01% of Total Risk Exposure A recent study published by the Basel Committee on Banking Supervision (BCBS) explains that the world’s top banks are exposed to around $9 billion worth of cryptocurrencies. The BCBS is a global organization made up of members tied to the world’s central banks and financial institutions from a myriad of jurisdictions. The study, called “Banks’ exposures to cryptoassets – a novel dataset,” was written by secretariat Renzo Corrias. The research aims to create a primary global standard on the “prudential treatment of banks’ [crypto asset] exposures.” “Total [crypto asset] exposures reported by banks amount to approximately €9.4 billion. In relative terms, these exposures make up only 0.14% of total exposures on a weighted average basis across the sample of banks reporting [crypto asset] exposures,” the report written by Corrias details. “When considering the whole sample of banks included in the Basel III monitoring exercise (ie also those that do not report [crypto asset] exposures), the amount shrinks to 0.01% of total exposures.” The BCBS shows that 19 banks worldwide submitted data for the research, and approximately ten financial institutions derived from the Americas. Seven banks stemmed from Europe, and two banks came from the rest of the world. Corrias notes that the banks represent a small group of financial institutions out of the collective 182 banks the BCBS considered for its Basel III monitoring exercise. The crypto asset exposure the banks reported mostly consisted of bitcoin (BTC) which was around 31% of exposures, and ethereum (ETH) which accounted for 22% of exposures. In addition to exposure to USD-backed stablecoins, banks are also associated with crypto assets like xrp (XRP), cardano (ADA), solana (SOL), litecoin (LTC), and stellar (XLM). Corrias explains that the banks’ exposure to crypto is comprised of three different categories which include crypto holdings
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