Binance Obtains Broker License in Brazil After Acquiring Local Firm: Details
Binance has received approval from the Central Bank of Brazil to acquire Sim;paul, a locally licensed broker, granting it a license to operate as a broker in Brazil.
This license represents Binance’s 21st globally, and strengthens its presence in Latin America’s largest economy, as Brazil is the 10th largest cryptocurrency market according to the Chainalysis Index.
The acquisition will allow Binance to distribute securities and issue e-money, enhancing its compliance with local regulations and expanding its services.
Richard Teng, CEO of Binance, stressed that Brazil is a key market for crypto adoption, noting the company’s commitment to security and innovation.
This move is part of a series of regulatory expansions for Binance in markets such as Argentina, India, and the UAE, and the company plans to increase its compliance staff by 34% in 2024 to enhance its regulatory compliance globally.