Binance secures its 21st global crypto license in Brazil

Binance has achieved another significant milestone by securing its 21st global crypto license, this time in Brazil. On December 2, the world’s largest centralized cryptocurrency exchange announced that it had received full regulatory approval from the Banco Central do Brasil, Brazil’s central bank, to acquire Sim;paul, a licensed broker-dealer. This approval marks a crucial step in Binance’s efforts to expand its global presence, especially in Latin America.

Through this acquisition, Binance gains access to key financial services licenses, including those for securities distribution and electronic money. According to Binance CEO Richard Teng, this acquisition reinforces the company’s ongoing compliance efforts in Brazil and signals its commitment to regulatory adherence. Teng emphasized that Binance’s focus in Brazil will be on compliance, security, and innovation to ensure a safe and user-friendly experience for its growing Brazilian user base.

Teng also expressed excitement over the approval, noting that Brazil represents a dynamic market with rapidly growing crypto adoption. He praised local regulators for their efforts in setting clear and supportive rules for the cryptocurrency industry. Binance’s successful acquisition of Sim;paul is part of a broader trend of the exchange making inroads into various countries. Recently, Binance has expanded its operations in Argentina, India, and Indonesia, as part of its global strategy.

Brazil, in turn, continues to show increasing interest in the blockchain and digital asset sectors. The country ranked 10th in the Chainalysis global adoption index, which measures the extent to which various countries are embracing cryptocurrencies. Brazil’s growing crypto engagement is further exemplified by political moves, such as Congressman Eros Biondini’s proposal to allocate up to $18.6 billion of the country’s international reserve to create a national Bitcoin (BTC) treasury. This initiative aims to position Bitcoin as a strategic reserve currency for Brazil.

With the acquisition of Sim;paul, Binance further strengthens its foothold in Brazil, where the cryptocurrency market is rapidly evolving, and continues its mission of building a globally compliant and innovative platform for users worldwide.