Chinese-owned cryptocurrency exchange Binance says it has agreed to look into acquiring Brazilian securities broker Sim;paul Investimentos.

Binance Chief Executive Zhao Changpeng thinks Sim;paul has a lot to contribute to the development of the cryptocurrency and blockchain business in Brazil, according to a written announcement issued by his company on Monday.

“In a fast-developing market like Brazil, crypto can transform and facilitate people’s lives,” the announcement quotes Mr Zhao as saying.

Binance says Sim;paul operates in Brazil with the permission of the central bank and securities regulator there, and that any acquisition of the broker will require the permission of the relevant Brazilian authorities.

Binance was founded in mainland China in 2017, and has an office in Hong Kong, its announcement says.