Key Takeaways
- This marks Binance’s 21st regulatory approval around the world.
- Binance is one of the first crypto exchanges to obtain a broker-dealer license in Brazil,
World’s largest crypto exchange, Binance, has obtained a regulatory approval from the Central Bank of Brazil. This allows Binance to acquire the São Paulo-based financial institution Sim;paul, granting the exchange licenses to distribute securities and issue electronic money. This marks Binance’s 21st regulatory approval around the world.
As per blockchain analytics firm Chinalysis, Brazil is a key market for crypto adoption in Latin America, ranking second in the region and 10th globally in crypto adoption Brazil has recorded over $90 billion in crypto transactions in 2024, making it a significant player in the crypto landscape.
Commenting on the development, Richard Teng, Binance’s CEO, stated, “Brazil represents a key market with burgeoning crypto adoption. This approval not only demonstrates our commitment to compliance and security but also highlights our dedication to empowering local users with reliable and innovative digital-asset platforms.”
Guilherme Nazar, Head of Latin America for Binance, stated, “This approval marks a significant milestone in our ongoing commitment to expanding our products and services in Brazil.”
He further noted that the approval highlights the firm’s 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. “We look forward to taking this opportunity to further drive the adoption of digital assets and deliver unparalleled value to our clients in Brazil”, he added.
This regulatory approval positions Binance as one of the first crypto exchanges to obtain a broker-dealer license in Brazil, enabling it to operate under the country’s financial regulations. The acquisition of Sim;paul will allow Binance to enhance its services while ensuring compliance with local rules.
Brazil also had recently set a global precedent in August 2024 by approving the first spot Solana exchange-traded fund. As per a 2023 survey on web3 perception conducted by Consensys and YouGov, 41% of Brazilians either own digital assets today or have owned those in the past.
In December 2023, Brazil passed the Legal Framework for Virtual Assets in Brazil, establishing the Brazilian central bank as the primary supervisor of the crypto economy in the country
Binance’s expansion in Brazil aligns with its global strategy, as the exchange has also secured regulatory approvals in other key markets, including Argentina, India, Kazakhstan, and Indonesia.
