Binance has become a pioneering cryptocurrency exchange in Brazil following the approval of its acquisition of Sim;paul Investimentos, a securities brokerage platform. With this acquisition, Binance can now offer a full range of investment options, including securities, stocks, and funds for Brazilian customers.
Binance Gets Greenlight For Sim;paul Investimentos Acquisition in Brazil
Binance, one of the largest cryptocurrency exchanges in the whole world, has taken another step to become a fully fledged investment platform in Brazil. The Central Bank of Brazil finally approved the acquisition of Sim;paul Investimentos, a securities brokerage platform.
The purchase makes Binance the first and only platform in Brazil holding a securities brokerage license, opening the doors to offering a new suite of products to local customers. This would include securities, stocks, and even fund distribution. Nonetheless, the Binance has reported that it has no plans for expansion to other markets besides crypto in the short term.
Instead, the exchange seems to focus on developing redundant solutions to avoid disruption of services like withdrawals and direct deposits into the local financial system, as has happened before.
Binance CEO Richard Teng underscored the relevance of this transaction, highlighting the compliance implications of this decision. He stated:
As a booming market in cryptocurrency adoption, Brazil represents a vibrant and dynamic community that is embracing the future of finance. The approval received in Brazil underscores our commitment to compliance and security.
Guilherme Nazar, Binance’s regional vice president for Latin America, also stressed that the acquisition reinforces the exchange’s efforts to be compliant as part of the wider financial system Nazar declared.
The deal was over 2 years in the making, when former CEO Changpepng “CZ” Zhao was still at the helm of Binance, before the exchange was involved in a landmark settlement with the Department Of Justice. At the time, the company sought to expand its local operations and contribute to “developing the community and ecosystem in Brazil,” as Zhao stated.