The world’s largest cryptocurrency exchange has received official approval from the Brazilian government to buy the country’s licensed broker Sim;paul, allowing Binance to enter the South American nation’s crypto market.
Binance made history after receiving a broker license from the Brazilian state authorities, becoming the first cryptocurrency exchange to receive such a license in Brazil.
Binance Secures Trademark Regulatory Approval
The Brazilian government has made significant progress in the country’s crypto adoption after it approved a landmark license for the largest crypto exchange by trading volume.
Binance announced in a statement that it has successfully received regulatory approval from the Central Bank of Brazil that will allow the crypto platform to acquire a licensed local broker, Sim;paul.
#Binance reaches its 21st global regulatory milestone after the Central Bank of Brazil approved the acquisition of a licensed broker-dealer in the most populous Latin American country.
This achievement underscores our commitment to compliance and effective management… pic.twitter.com/qx0GPyBjrD
– Binance (@binance) January 2, 2025
Officials of the crypto exchange said that Binance views the approval as a major success as they will be the first crypto platform to receive such a license in a South American country, adding that the license is important for Binance because it will give the crypto company the opportunity to provide improved financial services and strengthen its regional position.
“This achievement marks our 21st global regulatory milestone, further strengthening our position as a cryptocurrency exchange with the largest number of licenses, registrations, and approvals worldwide,” Binance said on its website.
Compliance with State Laws
Binance said the acquisition of Sim;paul demonstrates the company’s commitment to comply with local regulations in one of the world’s fastest-growing cryptocurrency markets.
Binance CEO Richard Teng said that finding a Brazilian licensed broker is considered an important achievement, allowing the crypto company to find a place in this relevant market.
“We are also leading, and have become the first crypto exchange to have a broker license in the most populated LatAm country, which shows our continuous efforts with the responsible and sustainable development of the Web3 industry and the growth of adoption in Brazil and around the world,” Teng commented.
It started well
The acquisition showed that the largest cryptocurrency exchange could have a good start, with the hope that this historic event will serve as a basis for finding the most successful deals throughout the year.
Brazil is considered an important market for Binance because it is among the world’s top leaders in the adoption of cryptocurrency, which according to Chainalysis, ranks 10th worldwide.
“Brazil is home to a vibrant and forward-thinking crypto community. This approval demonstrates our commitment to compliance and security, and we are pleased to bring new financial services to Brazilian users,” said Teng.
It can be recalled that previously, Binance struggled to get regulatory approval from the Brazilian government. However, the crypto exchange was able to face problems with the Securities and Exchange Commission of Brazil (CVM), in accordance with local regulations that paved the way for the broker’s license.
Featured image from Pixabay, chart from TradingView