Binance has received authorisation from Brazil’s Central Bank to acquire Sim;paul, a locally licensed broker-dealer.
By acquiring Sim;paul, a broker-dealer licensed by Brazil’s Central Bank to distribute securities and issue electronic money (EMI), Binance enhances its ability to adapt to the country’s evolving regulatory framework.
Already adhering to local requirements as a global exchange, this approval also marks Binance as the first crypto exchange in Brazil to obtain a broker-dealer licence.
Richard Teng, CEO of Binance, commented: “We are thrilled to announce our latest regulatory approval. A market with burgeoning crypto adoption, Brazil is home to a vibrant and dynamic community that is readily embracing the future of finance.”
Ranked 10th on the Chainalysis global adoption index, Brazil is actively advancing crypto regulations. The Central Bank and IRS have introduced frameworks for public consultation, while Congress considers laws on asset segregation and stablecoins.
Teng added: “We thank local regulators for their commitment to defining clear rules for this important, growing industry.
“This approval underscores our commitment to compliance and security, and we look forward to continuing to provide our local users with a secure, reliable, and innovative platform for their digital-asset needs.”
Binance operates in numerous countries worldwide, with recent expansions into Dubai and India. Latin America, however, remains a key region for the crypto exchange, as it has a strong presence in Argentina, Peru and Colombia. Its latest growth in Brazil, the region’s most populous nation, underscores this strategic focus.
Guilherme Nazar, Head of Latin America for Binance, stated that this approval marks a “significant milestone” in the company’s ongoing commitment to expanding its products and services in Brazil.
“It highlights our dedication to compliance and regulatory excellence while enhancing our ability to provide secure and innovative financial solutions to our growing user base in the country,” Nazar said.
“We look forward to taking this opportunity to further drive the adoption of digital assets and deliver unparalleled value to our clients in Brazil.”
