Cryptocurrency exchange Binance has announced that it has obtained approval from the Central Bank of Brazil to acquire a licensed brokerage in Brazil, the most populous country in Latin America. This move highlights Binance's achievement of the 21st global compliance milestone.
As a global exchange, Binance has previously operated in compliance with Brazilian regulatory requirements, and through the approval to fully acquire 'Sim;paul'—a licensed brokerage authorized to distribute securities and issue electronic money (EMI), Binance will be able to more effectively meet 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 importance of this achievement, stating: "We are pleased to announce the latest regulatory approval. As a market with a growing cryptocurrency adoption rate, Brazil's vibrant community is ready to embrace the future of finance."
We appreciate the efforts of local regulatory authorities in establishing 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 tenth in Chainalysis' Global Cryptocurrency Adoption Index and has taken proactive measures to establish clear rules for the cryptocurrency industry. The Central Bank of Brazil and tax authorities have released proposals for a dedicated regulatory framework for the cryptocurrency industry and have publicly sought input from market participants and experts. Meanwhile, the country's parliament is also discussing federal bills related to asset segregation and stablecoins, which have significant relevance to the industry.
Binance Latin America head Guilherme Nazar commented: "This approval highlights an important milestone in our ongoing expansion of products and services in Brazil, reflecting our commitment to excellence in compliance and regulation while enhancing our ability to provide safe and innovative financial solutions for Brazil's growing user base."
We look forward to seizing this opportunity to further advance the adoption of digital assets in Brazil and create unparalleled value for our customers.
Binance's registration in Brazil is part of a series of recent regulatory advancements it has achieved globally, including in Argentina, India, Kazakhstan, and Indonesia. This demonstrates Binance's ongoing momentum worldwide. Previously, Binance had also obtained licenses, registrations, and authorizations 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). Additionally, Binance's compliance program includes solid identity verification procedures (Know Your Customer and Know Your Business, KYC and KYB), as well as an industry-leading Financial Crime Compliance (FCC) department, which aims to assist law enforcement agencies in investigating crimes related to crypto assets and building capacity, thereby enhancing collaborative safety in the ecosystem.
Binance recently announced plans to expand its global compliance team by 34%, reaching 645 full-time employees, including strategic senior hires. Currently, the company has employed over 1,000 compliance staff and contractors.
(The above content is provided by Binance)
"Achieved the 21st global compliance milestone! Binance has been approved to 'acquire a licensed brokerage in Brazil'" This article was first published by (Block客).