Binance, a global leader in blockchain infrastructure and the world’s largest cryptocurrency platform by trading volume and users, has achieved its 21st global regulatory milestone. The company has received authorization from the Central Bank of Brazil to acquire the Sim;paul brokerage. With the announcement, Binance becomes the first cryptocurrency platform to hold a securities brokerage license in Brazil.
By receiving approval for the acquisition of Sim;paul, a Brazilian brokerage that holds electronic money issuance (EMI) and securities distribution licenses granted by the Central Bank of Brazil, Binance, which already operated in accordance with the regulatory scenario in the country as a global exchange, may be more effective in complying with ongoing regulatory advances.
"We are thrilled to announce this regulatory approval in Brazil, another significant milestone in our global expansion. As a booming market for cryptocurrency adoption, Brazil represents a vibrant and dynamic community that is embracing the future of finance. We congratulate local regulators for their commitment to defining clear rules for this important and growing industry. The approval received in Brazil underscores our commitment to compliance and security, and we will continue to provide our local users with a safe, reliable and innovative platform to meet their crypto needs," said Richard Teng, CEO of Binance, on the importance of this achievement.
Ranked 10th on Chainalysis’ Global Adoption Index, Brazil is at the forefront of defining rules for the cryptocurrency industry. The Central Bank and the Federal Revenue Service have published regulatory framework proposals for the segment, which are currently under public consultation so that market players and society can make suggestions. Meanwhile, in Congress, legislators are discussing bills on asset segregation and stablecoins, topics that are also relevant to the sector.
"This license represents a significant milestone in Binance's ongoing commitment to expanding its products and services in Brazil. This achievement underscores our dedication to compliance and regulatory excellence, while enhancing our ability to provide secure and innovative financial solutions to our growing user base in the country. We look forward to leveraging this opportunity to further drive digital asset adoption and deliver unmatched value to our customers in Brazil," said Guilherme Nazar, Regional Vice President for Latin America at Binance.
Binance's registration in Brazil joins others obtained around the world, including in Argentina, in October, and in India, Kazakhstan and Indonesia, in recent months, and also Dubai, France, Japan, El Salvador, among others, previously.
In line with its global standards, Binance’s compliance program includes robust anti-money laundering (AML) policies and controls and a comprehensive framework to combat the financing of terrorism (CFT). In addition, Binance’s core compliance program includes detailed identity verification processes (Know Your Customer and Know Your Business, or KYC and KYB). It also has an industry-leading Financial Crimes Compliance (FCC) unit designed to assist law enforcement agencies in investigating crypto-related crimes and providing training, thereby strengthening the collaborative security of the ecosystem.
Binance recently announced that it plans to expand its global compliance team by 34% to 645 full-time employees, including strategic senior hires. The company currently has a compliance team of over 1,000 employees, including employees and collaborators.