Binance Receives Broker-Dealer License from Central Bank of Brazil
Binance, the largest crypto exchange globally, has received regulatory approval from the Central Bank of Brazil to acquire Sim;paul, a local broker-dealer. This marks Binance's 21st global regulatory milestone.
Binance Expands in Brazil
With this approval, Binance becomes the most licensed crypto exchange worldwide, reaffirming its commitment to meet high regulatory standards both globally and regionally.
The acquisition will enable Binance to distribute securities and issue Electronic Money (EMI) in Brazil. It already operates a compliant-based crypto exchange in the country.
#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
This broker-dealer license positions Binance as the first crypto exchange in Brazil to hold such a license, aligning it with ongoing regulatory advancements.
Richard Teng, Binance’s CEO, emphasized the importance of this approval for compliance and security, aiming to provide users with a secure and innovative platform for digital assets.
Brazil's vibrant community is rapidly adopting crypto, ranking tenth in Chainalysis' worldwide adoption index. The country is actively developing a clear regulatory framework for crypto businesses.
The Central Bank and the Brazilian IRS have proposed dedicated guidelines, inviting market participants to contribute suggestions. Concurrently, U.S. legislators are discussing federal bills affecting asset segregation and stablecoins.
Frontnode, an EU-based crypto exchange, has also announced plans to expand into Brazil in early 2025, further highlighting the country's leadership in crypto adoption.
Binance Continues Global Regulatory Advancements
Binance's achievement in Brazil follows successful regulatory milestones in Argentina, Indonesia, Kazakhstan, and India, demonstrating its commitment to responsible and sustainable crypto adoption.
The exchange has secured licenses and authorizations in jurisdictions including Dubai, France, El Salvador, and Japan, implementing compliance programs such as robust anti-money laundering policies.
Binance also enforces controls for combating terrorism financing and implements comprehensive identity verification processes (KYC and KYB), assisting law enforcement in investigating crypto-related crimes and enhancing the overall security of the crypto ecosystem.