Binance Granted Broker-Dealer License by Brazil’s Central Bank After Acquiring Brazilian Financial Services Firm
The world’s largest centralized crypto exchange by volume has received a broker-dealer license in Brazil via an acquisition.
Binance says the Central Bank of Brazil has granted the crypto exchange approval to acquire financial services firm Sim;paul, a licensed broker-dealer in the world’s eighth-largest economy.
“By receiving full approval for the takeover of Sim;paul – a licensed broker-dealer authorized to distribute securities and to issue electronic money (EMI) by the Central Bank of Brazil, Binance, which was already operating in compliance with the regulatory requirements in the country as a global exchange, can be more efficient in complying with the ongoing regulatory advancements. The approval also makes Binance the first crypto exchange to have a broker-dealer license in Brazil.”
According to Binance, the broker-dealer license it has received follows various other regulatory advancements in Argentina, India, Kazakhstan, Indonesia, Dubai, France, Japan and El Salvador.
“Furthermore, we have expanded our global compliance team by 34% to 645 full-time employees, including strategic senior hires. We employ over 1,000 compliance staff and contractors, ensuring that we dedicate sufficient resources to drive Binance and the larger crypto ecosystem’s growth sufficiently and responsibly.”
The granting of a broker-dealer license in Brazil is coming a few months after the crypto exchange’s founder and former CEO Changpeng Zhao was released from a US prison after pleading guilty to anti-money laundering charges while at the helm of Binance. Zhao stepped down as the CEO of Binance in November of 2023 after the U.S. Justice Department levied charges against him and the crypto exchange.
The license is also being granted months after the Nigerian government dropped anti-money laundering charges against Binance executive Tigran Gambaryan. Binance, however, is still facing anti-money laundering charges in the West African country.
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Author: Mark Emem
