Binance strengthens its presence in Brazil with approval to acquire Sim;paul, a licensed broker-dealer.
On December 2, Binance announced that it had received full regulatory approval from 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 presence.
According to Binance CEO Richard Teng, the acquisition of Sim;paul gives the company access to securities distribution and e-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 pleased to announce our latest regulatory approval. Brazil is a market with growing crypto adoption and home to a vibrant and dynamic community ready to embrace the future of finance. We thank local regulators for their commitment to setting clear rules for this important, growing industry.
Richard Teng, CEO of Binance
The acquisition of Sim;paul was the latest in a series of regulatory advances for Teng’s company. It has also recently increased…
