Binance deepened its presence in Brazil after securing regulatory approval to acquire Sim;paul, a locally licensed broker-dealer. This step represents Binance's 21st global regulatory authorization amid a growing acceptance of cryptocurrency in Latin America's largest economy.

Broker-Dealer in Brazil

With this approval, Binance is now one of the cryptocurrency exchanges licensed as a broker-dealer in Brazil, a country reportedly ranked 10th in the global crypto adoption index by Chainalysis.

The Central Bank of Brazil's nod to Binance's acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term of Sim;paul marks a critical step in aligning the crypto giant with the country's evolving regulatory landscape. Sim;paul's existing licenses to distribute securities and issue electronic money will allow Binance to expand its offerings while adhering to local financial regulations.

Commenting about the deal, Richard Teng, Binance's CEO, said: "Brazil represents a key market with burgeoning crypto adoption. This approval not only demonstrates our commitment to compliance and security but also highlights our dedication to empowering local users with reliable and innovative digital-asset platforms."

#Binance reaches 21st global regulatory milestone after the Central Bank of Brazil approved the acquisition of a licensed broker-dealer institution in the most populous Latin American country.

This achievement underscores our dedication to compliance and regulatory excellence… pic.twitter.com/qx0GPyBjrD

— Binance (@binance) January 2, 2025

Why Brazil Matters to Binance

Beyond its presence in Brazil, Binance's approval adds to a string of regulatory advancements worldwide, including key markets like Argentina, India, Kazakhstan, and Indonesia. The company also boasts licenses in countries like Dubai, France, Japan, and El Salvador, underscoring its position as a global leader in cryptocurrency regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term.

“This milestone enhances our ability to deliver secure financial solutions and drive digital asset adoption in Brazil. It reflects our relentless focus on compliance and creating unparalleled value for our users,” said Guilherme Nazar, the Head of Latin America for Binance.

To meet increasing regulatory demands, Binance reportedly plans to expand its compliance workforce by 34% in 2024, adding to the more than 1,000 current compliance staff and contractors.