Binance Acquires Licensed Broker-Dealer in Brazil
Binance, recognized as the world’s largest cryptocurrency exchange by volume, announced on January 2, 2025, its approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker-dealer operating in Latin America.
This allows Binance to operate as a locally licensed broker-dealer in Brazil, paving the way for broader crypto service availability across the region.
Sim;paul holds authorization to distribute securities and issue electronic money (EMI), adding a new layer of compliance and legitimacy to Binance’s activities in Brazil.
“We are thrilled to announce our latest regulatory approval. Brazil is home to a 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,” said Binance CEO Richard Teng.
Binance indicated that similar steps had been taken in Argentina, India, Kazakhstan, and other countries to expand crypto adoption around the globe.
Rise of Crypto Adoption in Brazil
Brazil is currently listed 10th on the Chainalysis Global Crypto Adoption Index, reflecting widespread interest in digital assets across the nation.
The Central Bank of Brazil and the Brazilian IRS introduced a regulatory framework that seeks public input from various market participants, underlining the nation’s open approach to cryptocurrency oversight.
The Brazilian Congress is deliberating federal bills on asset segregation and stablecoins, shaping a supportive environment for crypto-related initiatives.
In November, Brazilian Congressman Eros Biondini introduced a bill proposing the creation of a national Bitcoin reserve.
— Cryptonews.com (@cryptonews) November 27, 2024
Brazilian Congressman Eros Biondini has introduced a bill proposing the creation of a national Bitcoin reserve. #Brazil #Bitcoinhttps://t.co/ALF0sa9MmG
The proposal, called the “Reserva Estratégica Soberana de Bitcoins” or Strategic Sovereign Bitcoin Reserve, seeks to allocate up to 5% of Brazil’s $372 billion in international reserves to Bitcoin.
Supporters argue this move could bolster Brazil’s economic resilience, helping the nation handle currency fluctuations and geopolitical risks.
More Brazilians Investing in Crypto
A recent survey conducted by the country’s top regulator revealed that more Brazilians invest, trade, or hold Bitcoin and altcoins than ever before.
Findings show many participants dedicating between 7% and 35% of their funds to tokens.
Brazil’s growing crypto engagement points to greater public awareness, a supportive regulatory framework, and continued interest in digital finance among local investors.
The post Binance Acquires Licensed Broker-Dealer in Brazil appeared first on Cryptonews.
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Binance Acquires Licensed Broker-Dealer in Brazil
Binance, recognized as the world’s largest cryptocurrency exchange by volume, announced on January 2, 2025, its approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker-dealer operating in Latin America.
This allows Binance to operate as a locally licensed broker-dealer in Brazil, paving the way for broader crypto service availability across the region.
Sim;paul holds authorization to distribute securities and issue electronic money (EMI), adding a new layer of compliance and legitimacy to Binance’s activities in Brazil.
“We are thrilled to announce our latest regulatory approval. Brazil is home to a 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,” said Binance CEO Richard Teng.
Binance indicated that similar steps had been taken in Argentina, India, Kazakhstan, and other countries to expand crypto adoption around the globe.
Rise of Crypto Adoption in Brazil
Brazil is currently listed 10th on the Chainalysis Global Crypto Adoption Index, reflecting widespread interest in digital assets across the nation.
The Central Bank of Brazil and the Brazilian IRS introduced a regulatory framework that seeks public input from various market participants, underlining the nation’s open approach to cryptocurrency oversight.
The Brazilian Congress is deliberating federal bills on asset segregation and stablecoins, shaping a supportive environment for crypto-related initiatives.
In November, Brazilian Congressman Eros Biondini introduced a bill proposing the creation of a national Bitcoin reserve.
— Cryptonews.com (@cryptonews) November 27, 2024
The proposal, called the “Reserva Estratégica Soberana de Bitcoins” or Strategic Sovereign Bitcoin Reserve, seeks to allocate up to 5% of Brazil’s $372 billion in international reserves to Bitcoin.
Supporters argue this move could bolster Brazil’s economic resilience, helping the nation handle currency fluctuations and geopolitical risks.
More Brazilians Investing in Crypto
A recent survey conducted by the country’s top regulator revealed that more Brazilians invest, trade, or hold Bitcoin and altcoins than ever before.
Findings show many participants dedicating between 7% and 35% of their funds to tokens.
Brazil’s growing crypto engagement points to greater public awareness, a supportive regulatory framework, and continued interest in digital finance among local investors.
The post Binance Acquires Licensed Broker-Dealer in Brazil appeared first on Cryptonews.
Read More
Binance Wins Motion to Transfer Money Laundering Case to Florida Court