Binance bags its 21st global crypto license in Brazil

Binance strengthens its presence in Brazil with the approval to acquire Sim;paul, a licensed broker-dealer.

On December 2, Binance announced that it had received full regulatory approval from Brazil’s central bank, Banco Central do Brasil, to acquire a local financial institution. This move highlights Binance’s ongoing efforts to expand its global footprint.

According to Binance CEO Richard Teng, the acquisition of Simpaul will give the company access to securities distribution and electronic money licenses. Teng noted that this development builds on Binance’s existing compliance efforts in Brazil and marks the company’s 21st global regulatory milestone.

Teng added that the world’s largest centralized cryptocurrency exchange plans to focus on compliance, security and innovation for its Brazilian users.

We are excited to announce our latest regulatory approval. Brazil, a market where cryptocurrency adoption is rapidly growing, is home to a vibrant and dynamic community that readily embraces the future of finance. We thank local regulators for their commitment to setting clear rules for this important and growing industry.

Richard Teng, Binance CEO

#Binance It marked the 21st milestone in global regulation after Brazil’s Central Bank approved the acquisition of a licensed broker-dealer in the most populous Latin American country.

This achievement underscores our commitment to compliance and regulatory excellence… pic.twitter.com/qx0GPyBjrD

— Binance (@binance) January 2, 2025

The acquisition of Simpaul was the latest in a string of regulatory developments for Teng’s firm. It has also recently gained a foothold in Argentina, India and Indonesia.

Meanwhile, the news has increased Brazilian interest in the blockchain economy and digital assets. Brazil ranked 10th in the Chainalytics global adoption index.

Following the re-election of President Donald Trump, the South American giant also began to consider Bitcoin (BTC) as a strategic reserve currency. Congressman Eros Biondini has proposed allocating up to $18.6 billion of Brazil’s international reserves to the construction of a national BTC treasury.