World largest cryptocurrency exchange by trading volume, Binance has obtained regulatory approval from the Central Bank of Brazil to acquire Sim:Paul. The exchange confirmed the development in a blog post on Thursday.
As revealed, Sim:Paul is a broker-dealer, licensed and authorized to distribute securities and issue Electronic Money (EMI) by the Central Bank of Brazil. It is worth noting that the recent approval from the Brazilian government brings the list of Binance-obtained licenses to 21, solidifying its position as the most licensed exchange in the world. With this, Binance is now the first cryptocurrency exchange to have a broker-dealer license in Brazil.
Meanwhile, the Chief Executive Officer of Binance, Richard Teng, has highlighted the benefits of the newly obtained license. Teng described Brazil as a market with growing crypto adoption. He added that the country is home to vibrant and dynamic communities that are ready to embrace the future of finance.
The exec also commended the efforts of local regulators in designing clear and crypto-friendly regulations for the industry. He re-affirmed Binance’s goal of continuously providing its users with a secure, reliable, and innovative platform for digital-asset needs.
Similarly, the head of Binance for Latin America, Guilherme Nazar also reacted to the achievement. According to him, the license is a step closer to achieving its goal of expanding its offerings to Brazil. Nazar added that the exchange will utilize the opportunity to deliver value to its clients in the country.
Binance registration in Brazil is one of the several approvals the exchange obtained this year. Also, the exchange secured licenses in several jurisdictions such as Dubai, France, Japan, El Salvador, and others.
Binance launched operations in its Thailand branch
In 2023, Binance after securing approval from Thailand’s Ministry of Finance opened its branch in Thailand. As revealed, the branch which operated under the name, Binance Th, was established to offer digital assets exchange services to users in Thailand.
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