Binance has secured its 21st global regulatory authorization; this one from Banco Central do Brasil, the central bank of Brazil, marks a significant milestone for crypto adoption in Latin America.
Binance, the world’s largest crypto exchange, was approved as a licensed broker-dealer in Brazil, the most populous country in Latin America.
The approval allows Binance to acquire São Paulo-based investment platform Sim;paul, a licensed broker-dealer authorized to distribute securities and issue electronic money (EMI), according to an announcement shared with Cointelegraph.
The approval makes Binance the first crypto exchange to obtain a broker-dealer license in Brazil.
Top crypto exchanges by 24-hour trading volume. Source: Messari
The 24-hour trading volume on Binance exceeded $18.2 billion at the time of publication, nearly triple Bybit’s $6.3 billion daily volume in second place, according to data from Messari.
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Brazil is making significant progress on crypto regulation
Binance’s 21st regulatory approval comes after receiving licenses in Argentina, India, Kazakhstan and Indonesia.
Brazil is making “significant strides” in crypto industry regulation, according to Guilherme Nazar, head of Latin America for Binance.
He told Cointelegraph:
“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.”
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Brazil ranks second in terms of crypto adoption in Latin America, having received over $90.3 billion worth of value through cryptocurrency in 2024, according to an Oct. 9 Chainalysis report.
LATAM countries by crypto value received. Source: Chainalysis
Four of the top 20 countries in terms of global crypto adoption are from Latin America, namely Brazil, Mexico, Venezuela and Argentina.
Brazil was the first country to approve a spot Solana (SOL) exchange-traded fund on Aug. 7, 2024, setting a global precedent for other jurisdictions.
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