Binance gets 2025 off on the right foot: gets regulatory green light to operate in Latin America's largest market, marking Binance's 21st regulatory milestone. Indeed, it obtains approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker based in São Paulo. Thus becoming the first exchange to obtain a broker-dealer license in the country.
With a track record of more than three decades, Sim;paul has evolved from its beginnings as Solidus SA, adapting to the constant transformations of the financial market. Today, Sim;paul is consolidated as a benchmark in the sector, offering a complete range of financial services, from traditional investments to modern payment solutions, always with the objective of providing its clients with the best tools to achieve their financial goals.
The acquisition allows Binance to distribute securities and issue electronic money (EMI) in compliance with Brazilian regulatory standards. Referring to this, Richard Teng, CEO of Binance, expressed his enthusiasm for the approval and stated that it reflects the company's dedication to regulatory compliance and security in a market that is increasingly embracing cryptocurrencies.
Specifically, he said, “We are delighted to announce our new regulatory approval. As a market with a growing adoption of cryptocurrencies, Brazil is home to a vibrant and dynamic community that is embracing the future of finance. We thank the local regulators for their commitment to defining clear rules for this important and growing industry. This approval underscores our commitment to compliance and security, and we look forward to continuing to provide our local users with a safe, reliable and innovative platform for their digital asset needs.”
Guilherme Haddad Nazar, Binance's Regional Vice President for Latin America, said: “This approval marks an important milestone in our ongoing commitment to expand our products and services in Brazil. It highlights our dedication to compliance and regulatory excellence, while enhancing our ability to provide secure and innovative financial solutions to our growing user base in the country. We look forward to leveraging this opportunity to further drive the adoption of digital assets and deliver unmatched value to our clients in Brazil.”
Binance has also made similar regulatory progress this year in other countries, including Argentina, India, Kazakhstan and Indonesia, and has added to its list of licenses and authorizations in jurisdictions such as Dubai, France, Japan and El Salvador.
In line with its global standards, Binance's compliance program includes anti-money laundering (AML) policies and controls and a comprehensive framework for combating the financing of terrorism (CFT).
Beyond that, key components of Binance's compliance program include robust identity verification processes (Know Your Customer and Know Your Business, or KYC and KYB) and the industry-leading Financial Crime Compliance (FCC) unit, designed to assist law enforcement in the investigation of cryptoasset-related crimes and capacity building, thereby strengthening the collaborative security of the ecosystem.
Finally, Binance has announced an ambitious plan to further strengthen its global compliance team. Aiming to reach 645 full-time employees, it is experiencing 34% growth in this department. This expansion includes the addition of high-level strategic profiles and complements the more than 1,000 professionals already working in compliance within the company.
Finally, this new milestone in Brazil secures Binance as an undeniable leader in the global adoption of cryptocurrencies, demonstrating its commitment to regulatory compliance and strategic expansion in key markets. With an increasingly strong presence in Latin America, Binance reaffirms its position as a pioneer in the industry and continues to drive innovation in the crypto sector.
Source: Jennys Leonett Figuera / Criptotendencia.
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