Binance strengthens its presence in Brazil by agreeing to acquire Sim;paul, a licensed broker and dealer.

On December 2, Binance Announce It has received full regulatory approval from Banco Central do Brasil, the Brazilian central bank, to acquire a local financial institution. The move highlights Binance's ongoing efforts to expand its global presence.

According to Binance CEO Richard Teng, the acquisition of Sim;paul gives the company access to securities distribution and electronic money licenses. Teng noted that the development builds on Binance's existing compliance efforts in Brazil and represents the company's 21st global regulatory milestone.

Teng added that the world's largest centralized cryptocurrency exchange plans to focus on compliance, security and innovation for its Brazilian users.

We are pleased to announce our recent regulatory approval. A market where cryptocurrency adoption is booming, Brazil is home to a vibrant and dynamic community that embraces the future of finance with ease. We thank local regulatory bodies for their commitment to setting clear rules for this important and growing industry.

Richard Teng, CEO of Binance

The acquisition of Sim;paul was the latest in a basket of organizational developments for Teng. Also recently acquired A foothold in Argentina, India and Indonesia.

At the same time, the news reinforced Brazil's interest in the blockchain economy and digital assets. Brazil ranked 10th in Chaina Analysis' Global Adoption Index.

Following the re-election of President Donald Trump, the South American giant has also turned to Bitcoin (Bitcoin) as a strategic reserve currency. Congressman Eros Biondini Suggested Allocating up to $18.6 billion from Brazil's international reserves to build a national Bitcoin treasury.