Binance, the world’s largest cryptocurrency exchange, has obtained its 21st global regulatory authorization from Brazil’s Central Bank, marking a pivotal moment for crypto adoption in Latin America.
Binance's New Move in Brazil
The approval grants Binance a broker-dealer license in Brazil, the region’s most populous country. This milestone enables Binance to acquire Sim;paul, a São Paulo-based investment platform licensed to distribute securities and issue electronic money (EMI), as detailed in an announcement shared with Cointelegraph.
Cryptocurrency Regulation in Brazil
Brazil is advancing rapidly in crypto regulation. This latest regulatory approval follows Binance’s licensing achievements in Argentina, India, Kazakhstan, and Indonesia. Guilherme Nazar, Binance’s head of Latin America, mentioned that the Brazilian government has put forth a comprehensive proposal of rules for public consultation, and they invited both the industry and society to provide their suggestions. This collaborative approach should culminate in the publication of the final regulations by mid-year, according to central bank officials.
Crypto Industry Growth in Latin America
Brazil ranks second in crypto adoption in Latin America, with over $90.3 billion worth of cryptocurrency value received in 2024, according to an Oct. 9 Chainalysis report. The region boasts four of the top 20 countries globally in terms of crypto adoption: Brazil, Mexico, Venezuela, and Argentina. Notably, Brazil was the first country to approve a spot Solana exchange-traded fund (ETF) on Aug. 7, 2024, setting a global precedent.
Binance securing a broker-dealer license in Brazil represents a significant development in the context of cryptocurrency regulation and innovation adoption in the Latin American market.
