Binance fortifies its presence in Brazil with approval to acquire Sim;paul, a licensed broker-dealer.
On Dec. 2, Binance announced that it had received full regulatory approval from the Banco Central do Brasil, Brazil’s central bank, to acquire a domestic financial institution. This move highlights Binance’s ongoing efforts to expand its global footprint.
According to Binance CEO Richard Teng, the acquisition of Sim;paul grants the company access to securities distribution and electronic money licenses. Teng noted that the development builds on Binance’s existing compliance efforts in Brazil and marks the company’s 21st global regulatory milestone.
The world’s largest centralized cryptocurrency exchange plans to focus on compliance, security, and innovation for its Brazilian users, Teng added.
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. We thank local regulators for their commitment to defining clear rules for this important, growing industry.
Richard Teng, Binance CEO
The Sim;paul acquisition was the latest in a basket of regulatory advancements for Teng’s firm. It also recently gained footholds in Argentina, India, and Indonesia.
Meanwhile, the news furthered Brazil’s interest in the blockchain economy and digital assets. Brazil ranked 10th in the Chainalysis global adoption index.
After President Donald Trump’s re-election, the South American giant also eyed Bitcoin (BTC) as a strategic reserve currency. Congressman Eros Biondini proposed allocating up to $18.6 billion of Brazil’s international reserve toward building a national BTC treasury.
