Binance Granted Broker-Dealer License by Brazil’s Central Bank After Acquiring Brazilian Financial Services Firm

The world’s largest centralized crypto alternate by quantity has acquired a broker-dealer license in Brazil via an acquisition.

Binance say The Central Financial institution of Brazil has authorised the crypto alternate to accumulate monetary companies firm Sim;paul, a licensed broker-dealer on the planet’s eighth largest financial system.

“By receiving full approval for the acquisition of Sim;paul – a licensed broker-dealer licensed to distribute securities and concern digital cash (EMI) by the Central Financial institution of Brazil, Binance, which was already working in accordance with regulatory necessities within the nation as a worldwide alternate might be extra environment friendly in assembly ongoing regulatory developments. The approval additionally makes Binance the primary crypto alternate with a broker-dealer license in Brazil.”

In accordance with Binance, the broker-dealer license acquired follows a number of different regulatory developments in Argentina, India, Kazakhstan, Indonesia, Dubai, France, Japan and El Salvador.

“As well as, we have now expanded our world compliance workforce by 34% to 645 full-time workers, together with strategic seniors. We make use of greater than 1,000 compliance officers and contractors and guarantee we dedicate adequate sources to sufficiently and responsibly gasoline Binance and the expansion of the bigger crypto ecosystem.”

The granting of a broker-dealer license in Brazil comes a couple of months after the cryptocurrency alternate’s founder and former CEO Changpeng Zhao was launched from a US jail after pleading responsible to cash laundering prices whereas on the helm from Binance. Zhao stepped down as CEO of Binance in November 2023 after the US Division of Justice filed prices in opposition to him and the crypto alternate.

The license additionally comes months after the Nigerian authorities dropped cash laundering prices in opposition to Binance CEO Tigran Gambaryan. Nonetheless, Binance nonetheless faces cash laundering prices within the West African nation.

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