Binance secures its first broker-dealer license in Brazil, expanding its global regulatory footprint to 21 approvals.
Brazil's Central Bank approves Binance, allowing it to acquire São Paulo-based Sim;paul for securities and EMI operations.
With Brazil's new license, Binance's 24-hour trading volume surpasses $18.2 billion, nearly triple that of its closest competitor.
The latest regulatory achievement for Binance is the acquisition of broker-dealer licenses from the Central Bank of Brazil. This authorization will enable Binance to expand its business in the largest economy in Latin America by acquiring a São Paulo-based investment platform. Binance is the first crypto exchange to obtain this license in Brazil, positioning it strategically in a crypto-embracing region.
https://twitter.com/binance/status/1874788126679548385
The acquisition of Sim; Paul not only broadened Binance’s operational range but also included securities distribution and the issuance of electronic money capabilities. Binance will adapt to Brazilian legislation changes to align with local laws, ensuring a safe, legal environment for users.
Regulatory Advances Support Crypto Adoption
Brazil is advancing in cryptocurrency regulation, licensing Binance as its 21st global regulatory approval. Binance's earlier approvals in Argentina, India, Kazakhstan, and Indonesia have solidified its status as a leader in regulated crypto exchanges. Brazilian authorities are consulting the public and industry on proposed cryptocurrency rules, aiming to finalize them by mid-year.
Binance’s chief executive officer, Richard Teng, noted that this had signaled an important approval, especially due to the active crypto community in Brazil waiting to participate in the digital economy. This approval is expected to increase crypto and asset usage in Brazil, which holds the 10th position in the Crypto Adoption Index developed by Chainalysis.
Strengthening Compliance and Security
Binance is strengthening its compliance with global protocols, actively addressing AML and CFT regulations. Additionally Binance has hired over 1,000 compliance staff, showing its commitment to upholding strict cryptocurrency regulations.
This compliance plan helps Binance support the laws of its host countries as it continues to expand, thus giving users a stable platform. Binance maintains high standards to build trust and stability in markets, advancing the use of cryptocurrencies and related technologies.
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