Binance has announced that it has secured regulatory approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker-dealer. This acquisition marks Binance's 21st global regulatory milestone, as reported on the company's website on January 2.
According to their press release, Binance is now authorized to distribute securities and issue electronic money, making it the first cryptocurrency exchange to hold a broker-dealer license in Brazil.
In the press release, Binance CEO Richard Teng said, "We are thrilled to announce our latest regulatory approval," describing Brazil as "home to a vibrant and dynamic community that is readily embracing the future of finance" and pointing to Binance’s "commitment to compliance and security."
Brazil's cryptocurrency exchange platform market generated revenue of $1.2 billion in 2023 and is projected by Grand View Research to reach $7.4 billion by 2030. This represents a compound annual growth rate (CAGR) of 29.6% from 2024 to 2030. Bitcoin was the largest revenue-generating coin in 2023 and is expected to continue leading the market segment during the forecast period.
Guilherme Nazar, Head of Latin America for Binance, remarked that the approval marks "a significant milestone in our ongoing commitment to expanding our products and services in Brazil." He emphasized Binance's "dedication to compliance and regulatory excellence" and its ability to provide "secure and innovative financial solutions." Nazar added that Binance aims to "further drive the adoption of digital assets and deliver unparalleled value to our clients in Brazil."
According to Investopedia, Binance is a cryptocurrency exchange founded in 2017 that supports over 350 cryptocurrencies, including bitcoin (BTC), ether (ETH), and its own coin, Binance Coin (BNB). The exchange provides services such as crypto-to-crypto trading, staking, crypto loans, and blockchain project support through Binance Labs.