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Binance, the world's leading blockchain and cryptocurrency infrastructure provider, has received approval from the Brazilian Central Bank to acquire a local brokerage institution in Brazil, the most populous country in Latin America. The move marks Binance’s 21st global compliance milestone.

As a global exchange, Binance has previously operated in compliance with the requirements of Brazilian regulatory agencies. This time, by obtaining the approval of the Brazilian Central Bank to fully acquire Sim;paul, a licensed brokerage licensed to distribute securities and issue electronic money (EMI), Binance Ann will more effectively comply with evolving regulatory requirements. At the same time, this approval also makes Binance the first cryptocurrency exchange in Brazil to hold a brokerage license.

Binance CEO Richard Teng emphasized the significance of this achievement, saying: “We are pleased to announce the latest regulatory license. As a market with rising cryptocurrency adoption, Brazil’s vibrant community is ready to embrace finance. future. We appreciate the efforts of local regulatory agencies to establish clear rules for this important and growing industry. This approval once again demonstrates our commitment to compliance and safety, and we look forward to continuing to provide safe and reliable services to local users. and innovative digital asset platform.”

Brazil ranks 10th on the Chainalysis Global Crypto Adoption Index and has taken a forward-looking approach to establishing clear rules for the crypto industry. Brazil’s central bank and tax authorities have released proposals for a dedicated supervisory structure for the crypto industry and are publicly soliciting opinions from market participants and experts. At the same time, the country’s Congress is also discussing federal bills related to asset segregation and stablecoins, which also have significant implications for the industry.

Guilherme Nazar, Head of Binance Latin America, commented: “This approval highlights an important milestone as we continue to expand our products and services in Brazil. It demonstrates our commitment to excellence in compliance and oversight while enhancing our We look forward to seizing this opportunity to further promote the adoption of digital assets in Brazil and create unparalleled value for our customers."

Binance’s registration in Brazil is one of a series of recent regulatory developments around the world, including in Argentina, India, Kazakhstan and Indonesia. This demonstrates Binance’s continued global push. Previously, Binance has also been licensed, registered and authorized in jurisdictions such as Dubai, France, Japan, and El Salvador.

In line with its global standards, Binance’s compliance program includes robust anti-money laundering (AML) policies and controls, as well as a comprehensive framework for combating the financing of terrorism (CFT). In addition, Binance’s compliance program includes robust identity verification procedures (Know Your Customer and Business, KYC and KYB), as well as an industry-leading Financial Crimes Compliance (FCC) department, whose goal is to assist law enforcement agencies investigating and Crypto-asset-related crimes and energy construction, thereby enhancing the collaborative security of the ecosystem.

Binance recently announced plans to expand its global compliance team by 34% to 645 full-time employees, including strategic senior hires. Currently, the company employs more than 1,000 compliance staff and outsourced personnel.

"New progress in Binance regulation!" Obtained the 21st global supervision authorization in Brazil and expanded the compliance team. This article was first published in "Crypto City"