Binance Secures Major Regulatory Approval In Brazil

Crypto exchange behemoth Binance has again achieved a monumental feat, securing regulatory authorization in Brazil. The crypto exchange revealed on Thursday that it had secured approval from the Central Bank of the South American country, primarily for the acquisition of a locally licensed broker-dealer institution. Notably, this feat marks the crypto firm’s 21st global regulatory milestone.

Binance Marks Milestone With Regulatory Approval In Brazil

As per an official Binance press release dated January 2, the crypto exchange has secured regulatory approval in Brazil to acquire Sim;paul, a broker-dealer licensed in the region.

Particularly with this takeover and approval by the Central Bank, the firm marks its 21st global regulatory milestone, further cementing its ranking as one of the top crypto exchanges globally. Notably, Sim;paul acted as a licensed broker-dealer authorized to distribute securities and issue electronic money (EMI). Further, with Binance’s acquisition, the crypto exchange aims to seamlessly comply with the ongoing regulatory advancements in the Latin American company while also offering broker-dealer services to the Brazilian landscape.

Meanwhile, the crypto exchange’s CEO, Richard Teng, also spotlighted the monumental achievement. As per the press release, Teng stated:

“We are thrilled to announce our latest regulatory approval. A market with burgeoning crypto adoption, Brazil is home to a vibrant and dynamic community that is readily embracing the future of finance.”

Brazil Eyes Leveraging Cryptocurrency?

Although Binance’s regulatory triumph in the Brazilian sector showcases the nation’s growing support for crypto, it’s also noteworthy that a stockpile of other recent events reflects the region’s pro-crypto efforts. Intriguingly, per a recent CoinGape report, the nation is forging ahead with efforts to create a Bitcoin reserve.

Brazilian Congressman Eros Biondini previously unveiled a bill to create a Strategic Bitcoin Reserve, underscoring the nation’s pro-crypto efforts. The proposed bill seeks to allocate up to 5% of international reserves to buy BTC, bringing diversification to its national assets.

Simultaneously, it’s also noteworthy that the same crypto exchange updated trade offerings for ARKM, JTO, and six other tokens. This mover further solidifies the firm’s standing across the broader industry, magnetizing users with enhanced market opportunities.