Binance, the world’s leading blockchain and cryptocurrency infrastructure provider, has received regulatory approval from the Central Bank of Brazil to acquire Sim;paul, a locally licensed broker-dealer. This milestone marks Binance’s 21st global regulatory authorization and solidifies its presence in Brazil, Latin America’s largest economy.Key Highlights:First Crypto Exchange Licensed as a Broker-Dealer in Brazil: Binance’s acquisition of Sim;paul, authorized to distribute securities and issue electronic money, positions the company to better align with evolving Brazilian regulatory frameworks.Commitment to Compliance: The approval underscores Binance's dedication to adhering to local regulations and providing secure digital asset solutions.Market Potential: Brazil ranks 10th in Chainalysis’ global crypto adoption index, reflecting its dynamic community and growing appetite for digital assets.Executive Remarks:Richard Teng, Binance CEO, emphasized the significance of this achievement:"Brazil represents a key market with burgeoning crypto adoption. This approval not only demonstrates our commitment to compliance and security but also highlights our dedication to empowering local users with reliable and innovative digital-asset platforms."Guilherme Nazar, Head of Latin America for Binance, stated:"This milestone enhances our ability to deliver secure financial solutions and drive digital asset adoption in Brazil. It reflects our relentless focus on compliance and creating unparalleled value for our users."Broader Impact:Regulatory Momentum: This approval follows Binance’s recent advancements in countries such as Argentina, India, Kazakhstan, and Indonesia, adding to its global licenses in Dubai, France, Japan, and El Salvador.Strengthened Compliance: Binance’s comprehensive compliance program includes robust AML/CFT policies, KYC/KYB processes, and a leading Financial Crime Compliance (FCC) unit, further ensuring ecosystem security.Global Team Expansion: Binance plans to expand its compliance workforce by 34% in 2024, growing to 645 full-time employees, alongside over 1,000 current compliance staff and contractors.
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