Binance, the world's leading blockchain and cryptocurrency infrastructure provider, has received approval from the Central Bank of Brazil to acquire a local brokerage institution in Brazil, the most populous country in Latin America. The move marks Binance’s 21st global compliance milestone.

As a global exchange, Binance has previously operated in compliance with the requirements of Brazilian regulators. This time, it obtained the approval of the Central Bank of Brazil to fully acquire Sim;paul, a licensed brokerage licensed to distribute securities and issue electronic money (EMI). Binance will more effectively comply with evolving regulatory requirements. At the same time, this approval also makes Binance the first cryptocurrency exchange in Brazil to hold a brokerage license.

Binance CEO Richard Teng emphasized the significance of this achievement, saying:

We are pleased to announce our latest supervision licenses. As a market with rising cryptocurrency adoption, Brazil’s vibrant community is ready to embrace the future of finance. We appreciate the efforts of local regulatory agencies in setting clear rules for this important and growing industry. This approval once again demonstrates our commitment to compliance and security, and we look forward to continuing to provide local users with a safe, reliable and innovative digital asset platform.

Brazil ranks 10th on the Chainalysis Global Crypto Adoption Index and has taken a forward-looking approach to establishing clear rules for the crypto industry. Brazil’s central bank and tax authorities have released proposals for an exclusive regulatory framework for the crypto industry and are publicly soliciting opinions from market participants and experts. At the same time, the country’s Congress is also discussing federal bills related to asset segregation and stablecoins, which will have an impact on the industry. There are also significant connections.

Guilherme Nazar, Head of Binance Latin America, commented:

This approval highlights an important milestone as we continue to expand our products and services in Brazil, demonstrating our commitment to excellence in compliance and oversight while enhancing our ability to provide safe and innovative financial solutions to Brazil’s growing user base. program capabilities. We look forward to seizing this opportunity to further promote the adoption of digital assets in Brazil and create unparalleled value for our customers.

Binance’s registration in Brazil is one of a series of regulatory developments it has recently made around the world, including in Argentina, India, Kazakhstan and Indonesia. This demonstrates Binance’s continued global push. Previously, Binance has also been licensed, registered, and authorized in jurisdictions such as Dubai, France, Japan, and El Salvador.

Under its global standards, Binance’s compliance program includes robust anti-money laundering (AML) policies and controls, as well as a comprehensive framework for combating the financing of terrorism (CFT). In addition, Binance’s compliance program includes robust identity verification procedures (Know Your Customer and Business, KYC and KYB), as well as an industry-leading Financial Crimes Compliance (FCC) department, whose goal is to assist law enforcement agencies investigating and Crypto-asset-related crimes and energy construction, thereby enhancing the collaborative security of the ecosystem.

Binance recently announced plans to expand its global compliance team by 34% to 645 full-time employees, including strategic senior hires. Currently, the company employs more than 1,000 compliance staff and outsourced personnel.

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