Binance has secured its 21st regulatory approval with Brazil’s central bank, bolstering its growing dominance and expanding its footprint in Latin America’s booming crypto market.
Binance Expands Regulatory Dominance With Brazil Approval
Crypto exchange Binance announced Thursday that it has secured approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker-dealer in the country. The announcement states:
Binance has secured approval from the Central Bank of Brazil for the acquisition of a locally licensed broker-dealer institution in Latin America’s most populous country, marking its 21st global regulatory milestone and solidifying its status as the most licensed cryptocurrency exchange worldwide.
Binance CEO Richard Teng praised the development as a key step in fostering crypto adoption in Brazil. “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. 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,” Teng remarked.
Brazil ranks 10th in Chainalysis’ global crypto adoption index, reflecting the country’s active role in digital asset engagement. The central bank and Brazilian IRS are leading regulatory efforts by introducing consultations for public input, while Congress works on legislation addressing asset segregation and stablecoins.
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The approval in Brazil follows Binance’s recent regulatory achievements in Argentina, India, Kazakhstan, and Indonesia, illustrating the company’s consistent expansion in compliance with national regulations. Binance’s Head of Latin America, Guilherme Nazar, emphasized the importance of the new license, describing it as a “significant milestone in our ongoing commitment to expanding our products and services in Brazil.” The crypto exchange continues to enhance its compliance capabilities globally, increasing its compliance team by 34% and surpassing 1,000 professionals focused on aligning the exchange with international standards. This effort supports Binance’s broader goal of reinforcing trust and transparency in the crypto sector while driving adoption across key global markets.
Source: Bitcoin
