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    Binance expands in LATAM with 21st global crypto license in Brazil

    • January 3, 2025
    • admin

    In a big move for crypto in Latin America, Binance, the top dog in cryptocurrency exchanges worldwide, just snagged its 21st license, this time from Brazil’s Central Bank.

    According to a Cointelegraph report, this green light lets Binance work as an official broker-dealer, marking it as the first in the country to do so.

    It’s a pretty big deal as Brazil makes strides to regulate the fast-growing crypto industry.

    Strategic move in São Paulo

    Thanks to this new approval, Binance is all set to take over Sim;paul, a São Paulo-based investment platform that deals in securities and electronic money.

    This acquisition is a big boost for Binance’s game plan in Brazil, Latin America’s most populous nation.

    By integrating Sim;paul, Binance can offer a wider range of services, making it a one-stop shop for investors.

    When they announced the approval, Binance reported a whopping $18.2 billion in 24-hour trading volume.

    To put that in perspective, their closest rival, Bybit, saw just $6.3 billion, according to Messari.

    This shows Binance isn’t just leading in Brazil, but it’s also a powerhouse on the global stage.

    Brazil’s crypto regulation journey

    Binance’s new license is part of Brazil’s ongoing work to get a handle on the crypto market.

    Guilherme Nazar, the head of Binance for Latin America, noted that Brazil is making big steps forward.

    He told Cointelegraph that the government has rolled out a comprehensive plan, inviting feedback from everyone involved, which should help finalize the rules by mid-year.

    Brazil holds the spot as the second-largest market for crypto adoption in Latin America.

    Just in 2024, they saw over $90.3 billion in crypto value, according to Chainalysis from October 9.

    This surge shows a growing interest in crypto among Brazilian investors and institutions, driving the need for clear regulations to keep things running smoothly.

    Binance’s global reach

    Brazil’s license is just the latest in Binance’s series of global expansions, with earlier moves into places like Argentina, India, Kazakhstan, and Indonesia.

    The speed at which Binance is grabbing these licenses shows their dedication to following the rules and their keen eye on regions where crypto is catching on.

    By becoming a broker-dealer in Brazil, Binance not only ups its credibility but also gets ready for the new rules that are set to shape crypto’s future there.

    As Brazil aims to be a leader in the crypto world, Binance’s achievement in getting regulatory approval underscores the growing acceptance of crypto as a real financial player.

    Future prospects for Binance in Brazil

    With the crypto market always changing, Brazil’s forward-thinking approach is likely to create a stronger environment for traders and investors.

    As more businesses see the value in crypto, Binance’s strategic moves and compliance with local laws could bring them big rewards down the road.

    Binance’s success in nabbing this broker-dealer license isn’t just a win for them—it’s a sign of progress for the whole crypto scene in Brazil and beyond.

    As regulations evolve, everyone from stakeholders to investors will be keeping a close eye on how these shifts will impact the market and the continued spread of crypto throughout Latin America.m

    The post Binance expands in LATAM with 21st global crypto license in Brazil appeared first on Invezz


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