SXP Surges 30% As Binance Agrees To Acquire Swipe Shares

SXP surges 30% in a few minutes as Binance agreed to acquire more Swipe shares a year after purchasing the majority of the shares so let’s read more in today’s Binance news.

The world’s leading crypto exchange agreed to acquire the outstanding shares of the crypto visa card issuer Swipe and finalized the deal with the latter’s CEO stepping down and leaving binance. The reports showed back in July 2020 when Binance purchased the majority of the shares of Visa card issuing platform Swipe. At the time, both entities failed to outline the amount paid for the deal but it was known that the major portion of Swipe’s shares became Binance’s.

Now though, the exchange announced that it agreed to acquire the remaining shares of Swipe and the statement Swipe as the industry’s leading crypto Visa card issuing platform which enables users to spend crypto at over 70 million locations worldwide. The company promised to enhance the Visa card program as it works together with Swipe to resolve the regulatory hurdles that could come up when launching the crypto-focused cards. Swipe acts as Binance’s card program and tech platform while also working with strategic partners to issue cards in the permitted regions.

The statemetn indicated that Joselito Lizarondo as the CEO of Swipe will step down and leave Binance after the deal is completed. After the announcement, Swipe’s native token sXP surges 30% to almost $2 in a few minutes.

As recently reported, Binance seals the deal with Dubai’s World Trade Centre authority to establish a crypto hub officially. Crypto exchange Binance seals the deal with Dubai’s authorities to establish a crypto hub in the region and announced that it signed a Memorandum of Understanding with the Dubai World Trade Centre Authority with the goal of making Dubai an industry hub.

It added that the main goal was to help various crypto and blockchain-related businesses to become licensed in Dubai. However, this MOU is not a license for Binance to operate in Dubai and is a contrast to a license, these are agreements between parties that are seen as the starting point for the negotiations. They are not legally binding but only pose a signal that the relevant parties reached an agreement and that the foundation was laid for both to move ahead. Binance had a difficult time satisfying the criteria for regulators around the world.