Binance, the largest cryptocurrency exchange by trading volume, has received regulatory approval from the Central Bank of Brazil.
This marks Binance’s 21st global regulatory achievement, cementing its position as the world’s most licensed crypto exchange.
Brazil Grants Binance Its 21st Global Regulatory Authorization
According to Binance: This approval allows the exchange to acquire Sim;Pool, a licensed broker in Latin America’s largest economy. The licensed broker will enable Binance to enhance compliance and operational efficiency within Brazil’s growing regulatory market.
Sim;Pool is licensed to distribute securities and issue cryptocurrencies. This gives Binance a strategic foothold to expand its services while complying with local regulations. Richard Teng, CEO of Binance, highlighted the crucial role of Brazil in the company’s global expansion strategy. Similarly, Guilherme Nazar, head of Binance Latin America, stressed the importance of this achievement.
“This achievement reflects our commitment to regulatory excellence and enhances our ability to serve the growing crypto community in Brazil. We look forward to driving adoption of digital assets and delivering value to our clients,” said Nazar.
Brazil ranks 10th in Chainalysis’ Global Crypto Adoption Index and has become a leader in regulating digital assets. The central bank and the Brazilian IRS have proposed a dedicated regulatory framework that is currently open for public consultation.
Major legislative initiatives, such as those addressing asset separation and stablecoins, are being discussed in Congress, signaling the country’s future approach to cryptocurrency regulation.
Therefore, the Brazilian regulatory approval puts Binance in a position to benefit from the country’s future crypto market. Brazil has already shown increasing adoption across various sectors, including leading the race for the Solana ETF.
Binance Gains Global Momentum in Compliance
The integration of Sim;pool’s licensed operations allows Binance to align with regulatory progress in Brazil as it continues its mission to provide safe and innovative financial solutions globally. At the same time, Binance’s regulatory success in Brazil follows a series of global achievements.
Earlier in 2023, Binance secured registration in Argentina, marking its 20th global milestone. In India, Binance achieved its 19th milestone by receiving regulatory approval to operate within the country’s fast-growing crypto ecosystem. Additionally, Binance became the first exchange to receive a full regulatory license in Kazakhstan from the Astana Financial Services Authority (AFSA).
Binance’s global compliance program includes robust anti-money laundering (AML) controls, counter-terrorist financing (CFT) measures, and industry-leading identity verification processes. The company expanded its compliance team by 34% in 2023, employing over 1,000 compliance officers worldwide.
Binance’s relentless pursuit of regulatory compliance and ability to secure approvals across 21 jurisdictions reflects its leadership in shaping the future of digital finance. With a growing presence in key markets like Brazil, Binance is poised to drive responsible and sustainable crypto adoption.