Binance, the largest crypto exchange by trading volume, has received 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 have such a license. The license would enable the company to offer better financial services and strengthen its regional position.
The approval also marks a major milestone for Binance, which has faced regulatory hurdles in Brazil. In 2024, the exchange resolved issues with Brazil’s Securities and Exchange Commission (CVM) by paying a settlement after certain services were operated without proper authorization.
By acquiring Simpaul, Binance demonstrates its commitment to aligning with local regulations and promoting compliance in one of the fastest growing crypto markets in the world.
Binance CEO Richard Teng stated:
“Binance is now a recognized broker-dealer institution in Brazil, which is a significant achievement for this relevant market. We are also leading the way and have become the first crypto exchange to hold a broker-dealer license in LatAm’s most populous country, reflecting our continued efforts with the responsible and sustainable development of the Web3 industry and its increasing adoption in Brazil and globally.”
This is Binance’s 21st regulatory milestone globally.
Brazil’s progressive crypto regulation
Brazil has been proactive in shaping a clear framework for crypto operations. The Central Bank and Brazil’s tax authorities are developing detailed regulations and inviting public input to refine them.
At the same time, Brazilian lawmakers are also discussing laws on crucial topics such as stablecoin management and asset segregation. These efforts are intended to strengthen the country’s progressive approach to digital asset oversight.
With its new broker-dealer license, Binance is well positioned to adapt to Brazil’s evolving legal environment. Simpaul’s permission to issue electronic money and distribute securities gives Binance the resources to meet the rising demand for secure and compatible crypto services.
Goals for 2025
Binance stated that this move shows what it is building on his successes in 2024.
Over the past year, Binance has expanded its regulatory approvals to multiple jurisdictions, including France, Japan and El Salvador.
The exchange’s compliance program integrates advanced anti-money laundering measures, identity verification systems and a dedicated financial crime unit to support law enforcement in tackling illegal activities involving digital assets.
To further enhance its capabilities, Binance has significantly expanded its compliance workforce, with more than 1,000 professionals focused on driving responsible growth across the industry.