Catenaa, Wednesday, January 08, 2025 – Binance has secured approval from Brazil’s Central Bank for its acquisition of Sim;paul, a locally licensed broker-dealer. This development marks Binance’s 21st global regulatory milestone, making it the most licensed cryptocurrency exchange worldwide.
The approval enables Binance to operate as the first crypto exchange in Brazil with a broker-dealer license, expanding its services in Latin America’s largest economy. Binance CEO Richard Teng emphasized Brazil’s growing crypto adoption and reaffirmed the company’s commitment to providing secure and innovative solutions tailored to local users.
Brazil is a vibrant market embracing the future of finance Binance says
It said that Binance was committed to compliance and security while working with regulators to define clear rules for the evolving crypto industry.
Brazil ranks 10th in global crypto adoption, according to Chainalysis.
The nation is advancing a regulatory framework, with the Central Bank and Brazilian IRS initiating public consultations and Congress debating legislation on asset segregation and stablecoins.
Binance’s head of Latin America, Guilherme Nazar, noted the importance of the milestone in enhancing the company’s ability to deliver secure financial solutions.
The approval comes as Binance continues expanding in regions like Argentina, India, Kazakhstan, and Indonesia, solidifying its global momentum.
The company’s compliance program includes robust anti-money laundering policies, comprehensive identity verification protocols, and a financial crime compliance unit supporting law enforcement investigations. Binance also strengthened its compliance team by 34% in 2024, bringing its workforce in this area to over 1,000.
This milestone reinforces Binance’s mission to drive crypto adoption responsibly while meeting the highest regulatory standards.
