Binance becomes first crypto exchange with broker-dealer license in Brazil Oluwapelumi Adejumo · 3 weeks ago · 2 min read
Binance’s landmark broker-dealer license in Brazil marks significant progress in aligning with local crypto regulations.
2 min read
Updated: Jan. 2, 2025 at 1:57 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance, the largest crypto exchange by trading volume, has secured regulatory approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker-dealer, according to a Jan. 2 statement.
Binance is the first crypto exchange in Brazil to hold such a license. The licensing would allow the firm to offer enhanced financial services and strengthen its regional position.
The approval also marks a significant milestone for Binance, which has faced regulatory hurdles in Brazil. In 2024, the exchange resolved issues with the Brazilian Securities and Exchange Commission (CVM) by paying a settlement after operating certain services without proper authorization.
By acquiring Sim;paul, Binance demonstrates its commitment to aligning with local regulations and advancing compliance in one of the fastest-growing crypto markets globally.
Binance CEO Richard Teng stated:
“Binance is now a licensed broker-dealer institution in Brazil, such an important achievement for this relevant market. We are also on the forefront, and have become the first crypto exchange to hold a broker-dealer license in LatAm’s most populous nation, reflecting our continuous efforts with the responsible and sustainable development of the Web3 industry and rising adoption in Brazil and globally.”
This is Binance’s 21st regulatory milestone worldwide.
Brazil’s progressive crypto regulation
Brazil has been proactive in shaping a clear framework for crypto operations. The Central Bank and the Brazilian tax authority are developing detailed regulations and inviting public input to refine them.
In parallel, Brazilian lawmakers are also discussing laws on critical topics such as stablecoin management and asset segregation. These efforts are designed to bolster the country’s forward-thinking approach to digital asset oversight.
With its new broker-dealer license, Binance is well-positioned to align with Brazil’s evolving legal environment. Sim;paul’s authorization to issue electronic money and distribute securities gives Binance the tools to meet the rising demand for secure and compliant crypto services.
2025 goals
Binance stated that this move shows it is building on its successes in 2024.
Over the past year, Binance has expanded its regulatory approvals across multiple jurisdictions, including France, Japan, and El Salvador.
The exchange’s compliance program integrates advanced anti-money laundering measures, identity verification systems, and a dedicated financial crime unit to support law enforcement in tackling illegal activities involving digital assets.
To further enhance its capabilities, Binance has significantly increased its compliance workforce, with over 1,000 professionals aiming to drive responsible growth across the industry.
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