Binance, the world’s largest cryptocurrency exchange, has received authorization from the Central Bank of Brazil to acquire Sim;paul Investimentos. This acquisition marks a historic moment, making Binance the first cryptocurrency platform to obtain a securities brokerage license in Brazil. Sim;paul, headquartered in Porto Alegre, already held licenses for issuing electronic money and distributing securities, which allows Binance to operate more comprehensively and effectively in the Brazilian market, in line with local regulations.
The Central Bank’s approval for the acquisition of Sim;paul opens several doors for Binance in Brazil. In addition to consolidating its presence in the country, which ranks 10th in Chainalysis’ global cryptocurrency adoption index, the exchange is strategically positioned to participate in the RWA token market (tokenized real-world assets) and Drex, the Brazilian digital currency being developed by the Central Bank. The acquisition also simplifies Binance’s operations in Brazil, which previously depended on financial intermediaries for processes such as Pix transfers.
Binance sees this approval as an important milestone in its commitment to the Brazilian market, reinforcing its dedication to regulatory compliance and delivering innovative financial solutions. The company plans to expand its global compliance team and has been actively working to comply with regulations in several countries, including Argentina, India, Kazakhstan, Indonesia, Dubai, France, Japan, and El Salvador.
In addition to the acquisition, Binance also spoke out about the Tax Reform in Brazil, ensuring that it will not pass on the new tax created by the federal government to its users. The company intends to continue collaborating with Brazilian authorities, sending suggestions for the Public Consultations opened by the Central Bank and expanding its operations in the country.