After Acquiring Brazilian Financial Services Firm, Binance Received Broker-Dealer License from Central Bank
Through an acquisition, the biggest centralized cryptocurrency exchange in the world by volume has been granted a broker-dealer license in Brazil.
According to Binance, the Central Bank of Brazil has given the cryptocurrency exchange permission to purchase Sim Paul, a licensed broker-dealer in the eighth-largest economy in the world.
Binance, which was already functioning in accordance with the country’s regulatory requirements as a global exchange, can be more effective in adhering to the continuous regulatory advancements after the Central Bank of Brazil granted full approval for the takeover of Sim Paul, a licensed broker-dealer authorized to distribute securities and to issue electronic money (EMI). With this certification, Binance becomes the first cryptocurrency exchange in Brazil to have a broker-dealer license.
In Argentina, India, Kazakhstan, Indonesia, Dubai, France, Japan, and El Salvador, among other regulatory developments, Binance claims that the broker-dealer license it has obtained reflects these developments.
Additionally, we have added critical senior hires to our global compliance team, which now has 645 full-time staff, a 34% increase. We make sure to allocate enough resources to propel Binance and the broader crypto ecosystem’s development in a responsible and adequate manner by employing more than 1,000 compliance employees and contractors.
A few months after Chang Peng Zhao, the founder and former CEO of the cryptocurrency exchange, was freed from a US jail after entering a guilty plea to anti-money laundering charges while managing Binance, the broker-dealer license in Brazil was granted. Following accusations against him and the cryptocurrency exchange by the U.S. Justice Department, Zhao resigned as CEO of Binance in November 2023.
Additionally, the license was given months after Binance CEO Tigran Gambaryan was cleared of anti-money laundering charges by the Nigerian authorities. However, Binance continues to face anti-money laundering allegations in the nation in West Africa.
