The world’s largest centralized crypto exchange by volume has received a broker-dealer license in Brazil through an acquisition.
Binance say The Central Bank of Brazil has approved the crypto exchange to acquire financial services company Sim;paul, a licensed broker-dealer in the world’s eighth largest economy.
“By receiving full approval for the acquisition of Sim;paul – a licensed broker-dealer authorized to distribute securities and issue electronic money (EMI) by the Central Bank of Brazil, Binance, which was already operating in accordance with regulatory requirements in the country as a global exchange can be more efficient in meeting ongoing regulatory advancements. The approval also makes Binance the first crypto exchange with a broker-dealer license in Brazil.”
According to Binance, the broker-dealer license received follows several other regulatory developments in Argentina, India, Kazakhstan, Indonesia, Dubai, France, Japan and El Salvador.
“In addition, we have expanded our global compliance team by 34% to 645 full-time employees, including strategic seniors. We employ more than 1,000 compliance officers and contractors and ensure we dedicate sufficient resources to sufficiently and responsibly fuel Binance and the growth of the larger crypto ecosystem.”
The granting of a broker-dealer license in Brazil comes a few months after the cryptocurrency exchange’s founder and former CEO Changpeng Zhao was released from a US prison after pleading guilty to money laundering charges while at the helm from Binance. Zhao stepped down as CEO of Binance in November 2023 after the US Department of Justice filed charges against him and the crypto exchange.
The license also comes months after the Nigerian government dropped money laundering charges against Binance CEO Tigran Gambaryan. However, Binance still faces money laundering charges in the West African country.
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Generated image: Midjourney