Binance expands in Brazil with central bank approval, becomes first exchange to receive broker license

Binance has reached an important milestone by obtaining approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker.

The move makes Binance the first crypto exchange to obtain a broker license in Brazil. THE development is part of Binance’s strategy to align with regulatory frameworks in key markets while expanding its reach in Latin America.

Notably, the acquisition allows Binance to operate as a licensed broker to distribute securities and issue electronic money.

Brazil’s regulatory framework

Brazil has taken steps to establish a regulatory framework for the cryptocurrency sector. The approval of the Binance acquisition coincides with ongoing efforts by the Central Bank of Brazil and the IRS to develop comprehensive rules for the sector.

Currently out for public consultation, these proposals aim to, among other areas, address asset segregation and stablecoin regulation.

Binance The broker license allows the exchange to more effectively align with these developments. According to their press release, the broader context highlights Brazil’s status as a leading market for crypto adoption, ranking 10th globally in the Chainalysis Adoption Index.

Guilherme Nazar, Binance’s head of Latin America, described the approval as a major step in the company’s efforts to expand its offerings in Brazil. He highlighted that this achievement reflects Binance’s focus on regulatory compliance and its commitment to providing innovative and secure financial solutions.

Binance’s Global Regulatory Expansion

Binance’s approval in Brazil follows a series of regulatory milestones achieved in 2024. Earlier this year, the exchange registered as a reporting entity to the Financial Intelligence Unit (FIU) of India. This step strengthened its compliance with anti-money laundering standards in the Indian market.

Richard Teng, CEO of Binance, described the registration with the Financial Intelligence Unit of India (FIU-IND) as a crucial achievement for the company. Highlighting the importance of India’s virtual digital asset (VDA) market, Teng highlighted that alignment with local regulations allows Binance to customize its offerings to better meet the needs of users in India.

Likewise, in Argentina, Binance joined the National Securities Commission’s Register of Virtual Asset Service Providers, ensuring that its full range of services is accessible to users in the region.

Binance’s registration with the National Securities Commission of Argentina guarantees full accessibility to its platform for users in the country. This approval allows users based in Argentina to use the full range of Binance services and features.