Major cryptocurrency exchange Binance Holdings Ltd. has inked a deal to acquire Brazil’s Sim;paul Investimentos, Bloomberg reported.

The transaction will be subject to regulatory approval, including that of the Central Bank of Brazil. The central bank, along with the country’s Securities and Exchange Commission, has authorized Sim;paul to operate.

Binance Chief Executive Changpeng Zhao earlier this month said the firm is eyeing a shopping spree in traditional markets, in a bid to expand the cryptocurrency industry moving forward.

Binance has yet to establish a global base, but officials of the company have recently had discussions with regulations in the United Arab Emirates for a possible headquarters in the country. BNB is down 0.76%.