Cryptocurrency exchange Binance has obtained regulatory approval from the Central Bank of Brazil, enabling it to acquire a licensed broker-dealer.
The crypto exchange behemoth Binance has again accomplished a monumental feat by obtaining regulatory authorization in Brazil. The crypto exchange disclosed on Thursday that it had received approval from the Central Bank of the South American nation, primarily to acquire a locally licensed broker-dealer institution. This achievement represents the crypto firm’s 21st global regulatory milestone.
In Brazil, Binance achieves a significant milestone with regulatory approval
According to an official press release by Binance on January 2, the crypto exchange has obtained regulatory approval in Brazil to acquire Sim; paul, a broker-dealer licensed in the region.
The firm’s 21st global regulatory milestone is marked by this takeover and approval by the Central Bank, which further solidifies its status as one of the top crypto exchanges globally. Sim paul was a licensed broker-dealer with the authority to distribute securities and issue electronic money (EMI). This is particularly noteworthy. Additionally, the crypto exchange intends to seamlessly adhere to the ongoing regulatory advancements in the Latin American company and provide broker-dealer services to the Brazilian landscape due to Binance’s acquisition.
Concurrently, Richard Teng, the CEO of the cryptocurrency exchange, also emphasized the landmark accomplishment. Teng stated in the press release:
“We are thrilled to announce our latest regulatory approval. A market with burgeoning crypto adoption, Brazil is home to a vibrant and dynamic community that is readily embracing the future of finance.”
Brazil Considers Utilizing Cryptocurrency?
Even though Binance’s regulatory victory in the Brazilian sector demonstrates the nation’s increasing support for cryptocurrency, it is also important to note that several other recent events also reflect the region’s pro-crypto endeavors. Intriguingly, the nation is forging ahead with efforts to establish a Bitcoin reserve, as per a recent CoinGape report.
Brazilian Congressman Eros Biondini previously introduced legislation to establish a Strategic Bitcoin Reserve, underscoring the country’s advocacy for cryptocurrency. The proposed bill aims to diversify the nation’s assets by allocating up to 5% of international reserves to purchasing BTC.
At the same time, it is essential to note that the crypto exchange updated its trade offerings for ARKM, JTO, and six other tokens. This mover further solidifies the firm’s position in the broader industry, attracting users with improved market opportunities.
