Binance, the world’s largest centralized crypto exchange by volume, has recently made a significant move in Brazil by acquiring a broker-dealer license through the purchase of financial services firm Sim;paul. This acquisition has been approved by the Central Bank of Brazil, making Binance the first crypto exchange to hold a broker-dealer license in the country.
This approval allows Binance to operate more efficiently and in compliance with regulatory requirements in Brazil. The exchange was already operating within the country’s regulatory framework as a global exchange, but this new license further solidifies its position in the market. Binance has been proactive in obtaining regulatory approvals in various other countries, including Argentina, India, Kazakhstan, Indonesia, Dubai, France, Japan, and El Salvador.
To support its compliance efforts, Binance has expanded its global compliance team by 34%, bringing the total number of full-time employees to 645. With over 1,000 compliance staff and contractors, Binance is dedicated to driving growth in the crypto ecosystem responsibly.
This development comes on the heels of former CEO Changpeng Zhao’s legal troubles in the United States. Zhao stepped down as CEO in November 2023 after pleading guilty to anti-money laundering charges related to his time at Binance. Despite these challenges, Binance continues to navigate regulatory hurdles in various jurisdictions, including Nigeria where anti-money laundering charges against executive Tigran Gambaryan were dropped.
As Binance continues to expand its presence globally, the acquisition of a broker-dealer license in Brazil marks a significant milestone for the exchange. By staying compliant with regulatory requirements and investing in a robust compliance team, Binance is positioning itself for long-term success in the rapidly evolving crypto market. Subscribe to stay updated on the latest news and developments in the crypto industry.