Binance Expands in Brazil with Central Bank Approval

Binance secures Central Bank of Brazil approval for acquisition, expanding its services, ensuring compliance, and enhancing security for Brazilian users.

In a significant move to strengthen its global presence, Binance has received approval from the Central Bank of Brazil for the acquisition of Sim;paul, a licensed broker-dealer in Brazil. Binance’s 21st global regulatory approval is a key milestone for the crypto exchange to become the most licensed crypto exchange in the world. The blog post says the approval will enable Binance to grow its offerings in Brazil, which is a major market in Latin America.

Brazil’s Central Bank has authorized Sim;paul to distribute securities and issue electronic money. While Binance was already offering service as a global exchange in Brazil, acquiring Sim;paul will assist it in better compliance with local regulations. The approval makes Binance the first crypto exchange in Brazil with a broker dealer license.

Binance CEO, Richard Teng, congratulated the team on this achievement. “Brazil’s crypto market is exploding and Brazil’s regulators have done a fantastic job in creating very clear rules for crypto,” he said. In addition, Teng emphasized Binance’s dedication to ensuring the security and creating a stable platform for Brazilian users.

Brazil Central Bank Seeks Public Feedback on Crypto Framework

On the global adoption index, compiled by Chainalysis, Brazil is 10th. The country is trying to establish clear rules for cryptocurrencies. Proposals for a new regulatory framework have been released by the Central Bank and Brazilian IRS. These are proposals thrown open for public consultation so that market participants can offer their feedback. On the other side, the Brazilian Congress is discussing bills on asset segregation and stablecoins.

The approval is an important step for Binance Brazil’s expansion, said Guilherme Nazar, Binance’s Head of Latin America. The announcement adds to Binance’s commitment to working with regulators while offering secure financial solutions to its users, he added.

This latest regulatory approval follows Binance’s regulatory success in multiple countries including Kazakhstan, India, Argentina, and Indonesia. These developments reflect Binance’s continued progress in acquiring licenses around the world.

At the same time, the exchange has been growing its compliance program. They have also reinforced advanced anti money laundering (AML) measures and know your customer (KYC) processes. Binance’s Financial Crime Compliance (FCC) unit assists in fighting crypto-related crimes.  However, the company has grown global compliance staff by 34% and expanded this team to beyond 1,000 people. This growth helps to fuel Binance’s ambition of driving the crypto ecosystem expansion in a safe and responsible way.