Binance, the world's largest cryptocurrency exchange by trading volume, has achieved a historic breakthrough in Brazil by obtaining approval from the country's Central Bank to acquire Sim;paul, a licensed broker-dealer. This makes Binance the first crypto exchange to hold such a license in Brazil, while also marking its 21st regulatory milestone globally.
The acquisition enables Binance to expand its services in Latin America's largest economy, allowing the company to distribute securities and issue electronic money in compliance with Brazilian regulations.
"We are now a licensed broker-dealer institution in Brazil, such an important achievement for this relevant market," said Richard Teng, Binance's Chief Executive Officer. "We have become the first crypto exchange to hold a broker-dealer license in Latin America's most populous nation."
Brazil, which ranks 10th in the Chainalysis global adoption index, has been actively developing its cryptocurrency regulatory framework. The Central Bank and Brazilian tax authority are crafting detailed regulations while seeking public input. Meanwhile, legislators are discussing bills concerning asset segregation and stablecoins.
The approval follows Binance's recent regulatory achievements in multiple jurisdictions, including Argentina, India, Kazakhstan, and Indonesia. The company has also secured authorizations in Dubai, France, Japan, and El Salvador.
To strengthen its compliance capabilities, Binance has expanded its global compliance team to 645 full-time employees, with over 1,000 compliance staff and contractors in total. The exchange maintains comprehensive anti-money laundering policies and identity verification processes, while its Financial Crime Compliance unit assists law enforcement in investigating crypto-related crimes.
This development represents a major step forward in Binance's commitment to regulatory compliance and secure digital asset services in Brazil's growing cryptocurrency market.