Just In: Binance Secures Major Regulatory Approval in Brazil
The post Just In: Binance Secures Major Regulatory Approval in Brazil appeared first on Coinpedia Fintech News
In a latest develpment, Binance has secured a major regulatory approval in Brazil to acquire Sim;paul, a broker-dealer licensed in the region. The exchange noted that this achievement marks its 21st global regulatory milestone, further solidifying its status as the cryptocurrency exchange with the greatest number of licenses, registrations, and authorizations across the world.
By receiving full approval for the takeover of Sim;paul, Binance, which was already operating in compliance with the regulatory requirements in the country as a global exchange, can be more efficient in complying with the ongoing regulatory advancements. The approval also makes Binance the first crypto exchange to have a broker-dealer license in Brazil.
Richard Teng, Binance’s CEO, noted the significance of this achievement and expressed his excitment.
“A market with burgeoning crypto adoption, Brazil is home to a vibrant and dynamic community that is readily embracing the future of finance. We thank local regulators for their commitment to defining clear rules for this important, growing industry.” “This approval underscores our commitment to compliance and security, and we look forward to continuing to provide our local users with a secure, reliable, and innovative platform for their digital-asset needs,” he added.
