Binance, the largest crypto exchange by trading volume, has secured regulatory approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker-dealer, according to a Jan. 2 statement.

Binance is the first crypto exchange in Brazil to hold such a license. The licensing would allow the firm to offer enhanced financial services and strengthen its regional position.

The approval also marks a significant milestone for Binance, which has faced regulatory hurdles in Brazil. In 2024, the exchange resolved issues with the Brazilian Securities and Exchange Commission (CVM) by paying a settlement after operating certain services without proper authorization.

By acquiring Sim;paul, Binance demonstrates its commitment to aligning with local regulations and advancing compliance in one of the fastest-growing crypto markets globally.

Binance CEO Richard Teng stated:

“Binance is now a licensed broker-dealer institution in Brazil, such an important achievement for this relevant market. We are also on the forefront, and have become the first crypto exchange to hold a broker-dealer license in LatAm’s most populous nation, reflecting our continuous efforts with the responsible and sustainable development of the Web3 industry and rising adoption in Brazil and globally.”

This is Binance’s 21st regulatory milestone worldwide.

Brazil’s progressive crypto regulation

Brazil has been proactive in shaping a clear framework for crypto operations. The Central Bank and the Brazilian tax authority are developing detailed regulations and inviting public input to refine them.

In parallel, Brazilian lawmakers are

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Author: Oluwapelumi Adejumo