Binance has taken an important step with the license it received from the Brazilian Central Bank. The company has gained broker-dealer authority by acquiring Sim;paul. Binance has officially gained the authority to provide financial services in Brazil by acquiring Sim;paul. This license will allow Binance to take a stronger position in the Brazilian market and increase its economic activities.
Additionally, Binance has grown its global compliance team by 34% to 645 full-time employees. The company operates with over 1,000 compliance staff and managers worldwide.
“With the acquisition of Sim;paul, Binance has become the first crypto exchange in Brazil to hold a broker-dealer license,” Binance officials said.
The license comes after Binance founder Changpeng Zhao pleaded guilty to money laundering charges in the US. Zhao stepped down as CEO in November 2023. Binance has also faced some legal challenges in Nigeria after money laundering charges involving Tigran Gambaryan as an executive were dropped.
Binance stated that the Brazilian license is part of the company’s regulatory efforts in countries such as Argentina, India, Kazakhstan, Indonesia, Dubai, France, Japan, and El Salvador. The company is committed to providing the necessary resources to further its growth in global markets in a sustainable and responsible manner.
This move in Brazil is an important part of Binance’s global strategy and aims to give the company a stronger position in the local market. Binance’s broker-dealer license reinforces the company’s international expansion and compliance strategies.
With this development, Binance is expected to gain a more solid position in the Brazilian market. Security and regulatory compliance play a critical role in the sustainable growth of Binance and other centralized crypto exchanges.
“By expanding our compliance team, we are adequately and responsibly supporting the growth of Binance and the overall crypto ecosystem,” Binance said. Such strategic moves enable crypto exchanges to become more reliable and effective in local and global markets. Binance’s regulatory approvals and licenses contribute significantly to raising standards in the industry.
