Binance has strengthened its position in Brazil after receiving regulatory approval to acquire Sim;paul, a licensed broker-dealer in the country.
This marks Binance’s 21st regulatory authorization globally, as interest in cryptocurrency grows in Brazil, the largest economy in Latin America.
The approval makes Binance one of the few licensed cryptocurrency exchanges in Brazil, which has been ranked as the 10th country with the highest adoption of cryptocurrencies by Chainalysis.
The Central Bank of Brazil’s endorsement of Binance’s acquisition of Sim;paul is a significant step towards aligning the exchange with the country’s constantly evolving regulatory landscape.
Sim;paul’s existing licenses allow Binance to expand its services while complying with local financial regulations. Richard Teng, Binance’s CEO, commented on the deal, stating that Brazil is an important market for the company with a growing number of users embracing cryptocurrency.
The approval not only showcases Binance’s commitment to compliance and security, but also highlights their dedication to providing innovative and reliable digital asset platforms to local users.
