Binance secures approval from the Central Bank of Brazil for the acquisition, expanding its services, ensuring compliance, and increasing security for Brazilian users.
In a significant move to strengthen its global presence, Binance received approval from the Central Bank of Brazil for the acquisition of Sim;Paul, a broker licensed in Brazil. Binance‘s 21st global regulatory approval is an important milestone for the cryptocurrency exchange to become the most licensed cryptocurrency exchange in the world. The blog post says that the approval will allow Binance to increase its offerings in Brazil, which is a major market in Latin America.
The Central Bank of Brazil authorized Simpaul to distribute securities and issue electronic money. While Binance already offered services as a global exchange in Brazil, the acquisition of Sim;paul will help it better comply with local regulations. The approval makes Binance the first cryptocurrency exchange in Brazil to be licensed as a broker.
Binance CEO Richard Teng congratulated the team on this achievement. “The Brazilian cryptocurrency market is exploding and Brazilian regulators have done a fantastic job creating very clear rules for cryptocurrencies,” he said. Additionally, Teng emphasized Binance’s dedication to ensuring security and creating a stable platform for Brazilian users.
Brazil’s Central Bank Seeks Public Feedback on Crypto Framework
In the global adoption index, compiled by Chainalysis, Brazil ranks 10th. The country is attempting to establish clear rules for cryptocurrencies. Proposals for a new regulatory framework were published by the Brazilian Central Bank and the Federal Treasury. These proposals are open for public consultation so market participants can provide their feedback. On the other hand, the Brazilian Congress is discussing bills on asset segregation and stablecoins.
The approval is an important step towards the expansion of Binance Brazil, said Guilherme Nazar, Binance’s head of Latin America. The announcement furthers Binance’s commitment to working with regulators while also offering secure financial solutions to its users, he added.
This latest regulatory approval follows Binance’s regulatory success in several 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 expanding its compliance program. They also strengthened advanced anti-money laundering (AML) measures and know-your-customer (KYC) processes. Binance’s Financial Crimes Compliance (FCC) unit helps combat crypto-related crimes. However, the company increased its global compliance staff by 34% and expanded this team to over 1,000 people. This growth helps fuel Binance’s ambition to drive the expansion of the crypto ecosystem in a safe and responsible manner.
