Binance Receives Brokerage License in Brazil

SAO PAULO - Leading global cryptocurrency exchange Binance has received approval from the Central Bank of Brazil to acquire Sim;paul, a licensed brokerage firm in the country, thus expanding its regulatory credentials. This move marks Binance's 21st regulatory milestone, making it the first cryptocurrency exchange to hold such a license in Brazil.

The acquisition enables Binance to distribute securities and issue electronic money in compliance with Brazil's regulatory standards. Binance's CEO, Richard Teng, expressed his excitement about the approval, noting that it reflects the company's commitment to compliance and security in a market increasingly embracing cryptocurrency.

This development is part of Binance's efforts to comply with regulatory requirements globally. The company's compliance program encompasses stringent anti-money laundering policies, terrorism financing prevention, and identity verification processes. Binance's Financial Crime Compliance unit also plays a vital role in supporting law enforcement in investigations related to cryptocurrency-related crimes.

This year, Binance has made similar regulatory advancements in other countries, including Argentina, India, Kazakhstan, and Indonesia, and has added to its list of licenses and authorizations in jurisdictions such as Dubai, France, Japan, and El Salvador. These efforts demonstrate Binance's commitment to operating in alignment with regulatory developments and providing safe and innovative digital asset services worldwide.

The information reported is based on Binance's press release.