Binance, the largest crypto exchange by Market capitalization announced that it has secured approval from the Central Bank of Brazil for the acquisition of a locally licensed broker-dealer institution in the country.
Binance announced the development via its official website remarking that the approval marks the firm’s 21st global regulatory milestone.
“ In a development that underscores Binance’s commitment to adhering to the highest regulatory standards both globally and regionally, we have recently secured approval from the Central Bank of Brazil for the acquisition of Sim; Paul, a broker-dealer licensed in Latin America’s most populous country.
This achievement marks our 21st global regulatory milestone, further solidifying our status as the cryptocurrency exchange with the greatest number of licenses, registrations, and authorizations across the world.” Binance Stated.
Binance Expands its Utility in Latin America’s Largest Country
Binance’s latest approval extended its offering to its clients in the country beyond cryptocurrency exchange to the distribution of securities and the issuing of electronic money (EMI).
Binance has also become the first crypto exchange to have a broker deal license in Brazil.
The Crypto exchange’s CEO Richard Teng earmarked the importance of this achievement while explaining the importance of the Brazillian crypto ecosystem to the global crypto industry.
“We are thrilled to announce our latest regulatory approval. A market with burgeoning crypto adoption, Brazil is home to a vibrant and dynamic community that is readily embracing the future of finance. We thank local regulators for their commitment to defining clear rules for this important, growing industry.
This approval underscores our commitment to compliance and security, and we look forward to continuing to provide our local users with a secure, reliable, and innovative platform for their digital asset needs.” Richard Teng stated.
Brazil taking a progressive step towards Crypto Regulation
Brazil is ranked number 10 on the global Crypto adoption index according to Chainalysis. The Latin American country is taking a holistic approach to crypto regulation.
The Central Bank of Brazil and the Brazillian IRS have published proposals for a regulatory framework putting it up for deliberation by all stakeholders. The lawmakers in the country are also a party to deliberation as all sides seek a win-win situation.
Binance’s registration in Brazil follows other regulatory milestones recorded by the exchange across the globe this year. The exchange has recently received regulatory green light from Argentina, India, Kazakhstan, and Indonesia.
