Binance Gains Approval for Broker-Dealer License in Brazil

Highlights:

• Binance has secured approval to acquire a broker-dealer license in Brazil.
• Binance has expanded its global compliance team to over 1000 staff to enhance regulatory adherence.
• The growing crypto adoption in Brazil aligns with the efforts of Binance to drive digital asset use in Latin America.

The Central Bank of Brazil has approved Binance’s acquisition of Sim;paul. In Brazil, sim;paul is a licensed broker-dealer. Binance has become the first crypto exchange to gain a broker-dealer license in the country. It also bolsters Binance’s presence in Latin America’s most populous country.

Binance announced that it has been approved by the Central Bank of Brazil to acquire local licensed broker Sim;paul, becoming the first crypto exchange to obtain a broker license in Brazil. This is Binance's 21st compliance license worldwide. https://t.co/noiLFlj8Xj

— Wu Blockchain (@WuBlockchain) January 2, 2025

This is the 21st global regulatory milestone for Binance. The approval allows Binance to operate more seamlessly in a continuously changing Brazilian regulatory environment. Sim;paul is authorized to distribute securities and issue electronic money. These permissions help Binance comply with local regulations.

Richard Teng, Binance CEO, highlighted the importance of this development. He described Brazil as a market with growing crypto adoption. He thanked regulators for establishing clear rules for the industry. Teng emphasized Binance’s commitment to providing secure and reliable services.

Expanding Compliance and Local Operations

Binance continues to ramp up its compliance around the world. The company has a very stringent anti-money laundering program that meets global standards. Binance is also fighting financial crimes by adopting a separate compliance framework. Know Your Customer and Know Your Business protocols compose part of its identity verification process.

The Financial Crime Compliance Unit works with law enforcement to investigate crypto-related crimes. This unit also works to strengthen the ecosystem’s security. Binance has grown its compliance team to over 645 full-time employees. It has more than 1,000 compliance staff and contractors worldwide.

Binance’s Head of Latin America, Guilherme Nazar, stressed the importance of the approval. This, he says, helps Binance better serve as a secure provider of financial solutions in Brazil. Nazar reiterated that Binance remains committed to driving the adoption of digital assets in the region.

Crypto Regulation Efforts of Brazil

The regulatory framework for cryptocurrencies is progressing in Brazil. The proposals were published for public consultation by the Central Bank and the Brazilian IRS. This permits experts and market participants to give feedback.

Congress is also looking to create new laws around asset segregation and stablecoins. The purpose of these discussions is to enhance security and transparency in the sector. Brazil ranks 10th globally in crypto adoption, according to Chainalysis. This ranking reflects the country’s strong interest in digital assets.

Binance’s approval aligns with Brazil’s regulatory progress. The company is well-positioned to support the country’s growing crypto community. This development strengthens Binance’s reputation as a trusted platform in Brazil.

Global Achievements and Future Plans

Binance has made significant progress towards regulatory compliance in multiple countries. Among these countries are Argentina, India, Kazakhstan, and Indonesia. The company has also received licenses from Dubai, France, Japan, and El Salvador.

Binance hit a milestone of 250 million users in 2024. Richard Teng, CEO, celebrated this achievement on social media. He thanked the Binance community for their unwavering support. Binance hopes to attract one billion users in the future. 

What a year! We've hit an incredible milestone of quarter billion users.

A huge thank you to our amazing community for making this possible. Together, we're one step closer to our vision of onboarding 1 billion users.

Here’s to an even bigger 2025! pic.twitter.com/NAlCSEMFYk

— Richard Teng (@_RichardTeng) January 2, 2025

This Brazil approval further showcases Binance’s efforts for global expansion. The company maintains adherence to high regulatory standards around the world. This puts Binance at the forefront of the cryptocurrency industry.