JAKARTA - The crypto trading company founded by Changpeng Zhao, Binance, is reported to have received the green light from Brazil's central bank, Banco Central do Brazil. That way, the largest crypto exchange in the world of Binance became the first exchanger to get permission in the country.
This is positive news from Binance in early 2025. The company officially obtained a broker-dealer license, making Binance the first crypto exchange to get such permission in the country with the largest economy in Latin America. This move also marks Binance's 21st regulatory permit globally.
As part of this strategy, Binance acquired the Srypto Paulo-based investment platform, Sim;paul. With this broker-dealer license, Sim;paul can distribute securities and issue electronic money.
With the acquisition, Binance could expand its services in Brazil while continuing to comply with local regulations. Guilherme Nazar, Head of Binance for Latin America, said, "This achievement enhances our ability to provide secure financial solutions while at the same time encouraging the adoption of digital assets in Brazil. This is a testament to our dedication to compliance and creating more value for users."
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Brazil is a strategic market for Binance. The country is ranked 10th in Chainalysis's version of the Global Crypto Adoption Index. The Brazilian government is also actively designing digital asset regulations, including rules on stablecoins and consumer protection. This move creates a conducive environment for the growth of the crypto industry.
Sim;paul acquisition provides Binance with access to the infrastructure needed to expand its services in Brazilian markets. With this license, Binance can offer local users more financial products, such as more secure and trusted digital asset management.
Richard Teng, CEO of Binance, emphasized that Brazil is an important part of the company's global strategy. "This license not only shows our commitment to security and compliance, but also supports our mission to empower local users with innovative services relevant to their needs," he said, quoted from Bitcoinist, Friday, January 3, 2024.
This achievement is part of a series of Binance's major steps in other countries over the past year. The exchange previously obtained operating permits in Argentina, Kazakhstan, and India, as well as expanding its footprint into new markets such as France, Japan, and El Salvador.
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