Binance, the world’s largest cryptocurrency exchange by trading volume, has received approval from the Central Bank of Brazil.
This is Binance’s 21st global regulatory milestone, solidifying its position as the world’s most licensed cryptocurrency exchange.
Brazil Grants 21st Global Legal License to Binance
Binance said the approval allows it to acquire Sim;paul, a licensed brokerage firm in Latin America’s largest economy. The brokerage helps Binance improve operational efficiency and compliance in Brazil’s growing regulatory market.
Sim;paul has a license to distribute securities and issue cryptocurrencies. This gives Binance a strategic foothold to expand services while complying with local regulations. Binance CEO Richard Teng emphasized Brazil’s key role in its global expansion strategy. Similarly, Guilherme Nazar, Regional Director of Latin America at Binance, also emphasized the importance of this milestone.
“This achievement reflects our commitment to regulatory excellence and highlights our ability to serve Brazil’s growing crypto community. We look forward to driving digital asset adoption and delivering value to customers,” Nazar said.
Brazil ranked 10th in Chainalysis’s global cryptocurrency adoption index and has become a pioneer in digital asset regulation. The Brazilian Central Bank and IRS have proposed a specialized regulatory framework that is currently undergoing public consultation.
Important legislative initiatives, such as asset segregation and Stablecoins, are being discussed in Congress. This demonstrates the country’s progressive approach to cryptocurrency regulation.
Therefore, Brazil’s regulatory approval helps Binance tap into the country’s advanced cryptocurrency market. Brazil has shown increased adoption in many areas, including taking the lead in the Solana ETF (mutual fund) race.
Binance Increases Global Momentum on Compliance
Integrating Sim;paul’s licensed operations allows Binance to comply with Brazilian regulatory progress while continuing its mission of providing secure new financial solutions globally. Meanwhile, Binance’s regulatory success in Brazil follows a series of global achievements.
In early 2023, Binance achieved registration in Argentina, marking its 20th global milestone. In India, Binance reached its 19th milestone by receiving regulatory clearance to operate in the cryptocurrency ecosystem this country is developing rapidly. Additionally, Binance became the first exchange to receive a full regulatory license in Kazakhstan from the Astana Financial Services Authority (AFSA).
Binance’s global compliance program includes robust anti-money laundering (AML) controls, counter-financing of terrorism (CFT) measures, and industry-leading identity verification processes. The company expanded its compliance team by 34% in 2023, hiring more than 1K compliance officers globally.
Binance’s continued dedication to regulatory compliance and its ability to receive approvals in 21 regions reflect its leadership in shaping the future of digital finance. With a growing presence in key markets like Brazil, Binance is poised to drive mainstream cryptocurrency adoption in a responsible and sustainable manner.
However, the exchange still faces legal trouble. For example, ASIC (Australian Securities and Investments Commission) recently sued Binance Australia over consumer protection failures. Indian authorities are also clamping down on Binance over unpaid taxes. Additionally, a recent whistleblower lawsuit accused Binance of bribery and retaliation.
