Binance secures broker-dealer license in Brazil

SAO PAULO - Binance, a leading global cryptocurrency exchange, has expanded its regulatory credentials by securing approval from the Central Bank of Brazil to acquire Sim;paul, a licensed broker-dealer in the country. This move marks Binance's 21st regulatory milestone and makes it the first crypto exchange to hold such a license in Brazil.

The acquisition enables Binance to distribute securities and issue electronic money in compliance with Brazil's regulatory standards. Richard Teng, Binance's Chief Executive Officer, expressed his enthusiasm for the approval, stating that it reflects the company's dedication to compliance and security in a market that is increasingly adopting cryptocurrency.

This development is part of Binance's broader efforts to adhere to regulatory requirements globally. The company's compliance program encompasses stringent anti-money laundering policies, terrorism financing prevention, and identity verification processes. Binance's Financial Crime Compliance unit also plays a crucial role in supporting law enforcement with investigations related to crypto asset crimes.

Binance has made similar regulatory strides this year in other countries, including Argentina, India, Kazakhstan, and Indonesia, adding to its list of licenses and authorizations in jurisdictions like Dubai, France, Japan, and El Salvador. These efforts illustrate Binance's commitment to aligning with regulatory advancements and providing secure and innovative digital asset services worldwide.

The information reported is based on a press release statement from Binance.

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Source: Investing.com