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CryptoIntelligence 2025-01-02 16:20:24

Binance Secures Regulatory Approval in Brazil, Expanding Crypto Adoption in Latin America

Binance Secures Regulatory Approval in Brazil, Expanding Crypto Adoption in Latin America

Binance, the world’s largest cryptocurrency exchange, has obtained its 21st global regulatory authorization, this time from Banco Central do Brasil, marking a pivotal moment for crypto adoption in Latin America. 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 . With this authorization, Binance becomes the first cryptocurrency exchange to secure a broker-dealer license in Brazil. Top Crypto Exchange by Trading Volume At the time of publication, Binance maintained its lead in the market with a 24-hour trading volume surpassing $18.2 billion, nearly tripling Bybit’s $6.3 billion daily volume, according to Messari data. Brazil Leads in Crypto Regulation Brazil is advancing rapidly in crypto regulation. This latest regulatory approval follows Binance’s licensing achievements in Argentina, India, Kazakhstan, and Indonesia. “Brazil is making significant strides in crypto industry regulation,” said Guilherme Nazar, Binance’s head of Latin America. He added, “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.” Latin America’s Crypto Growth 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.

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