Binance, the world’s leading cryptocurrency exchange, has made a significant move in Brazil by securing approval from the Central Bank of Brazil to acquire a licensed broker-dealer institution. This marks Binance’s 21st global regulatory achievement, and it’s a big win for the platform in Latin America’s largest market.
Binance’s New License in Brazil
With the full approval to take over Sim;paul, a licensed broker-dealer, Binance can now operate with even more efficiency in Brazil. The license not only allows Binance to distribute securities and issue electronic money, but it also makes Binance the first crypto exchange to hold a broker-dealer license in the country.
This new approval positions Binance to better comply with Brazil’s growing regulatory framework for crypto assets.
However, Richard Teng, Binance’s CEO, expressed his excitement about the approval on X. He said Brazil is a growing crypto market, and this approval shows Binance’s commitment to following the rules while offering a safe platform for its users. Teng thanked local regulators for their work in setting clear rules for the industry.
Brazil’s Efforts to Regulate Crypto
Brazil, ranked 10th in the global crypto adoption index, is taking steps to regulate the crypto industry. The Central Bank and IRS have created proposals for new rules and are asking experts and the public for feedback.
Additionally, legislators in the country are discussing bills related to asset segregation and stablecoins, signaling a future-forward approach to crypto regulation.
Binance’s Expanding Global Reach
This approval is just one example of Binance’s commitment to global expansion. The company has also received regulatory approval in other countries like Argentina, India, Kazakhstan, and Indonesia. Binance holds licenses in places like Dubai, France, Japan, and El Salvador, showing its global reach and commitment to following rules everywhere.
