Binance, the world’s largest centralized cryptocurrency exchange by trading volume, has acquired Sim;paul, a local financial services firm with a broker-dealer license granted by the Central Bank of Brazil. This strategic move allows Binance to offer financial services more effectively in the Brazilian market.
Advantages of Holding a License
Following the acquisition of Sim;paul, Binance has officially received the authority to operate financial services in Brazil. This license enhances Binance’s capacity to engage more actively in the Brazilian economy.
The company has increased its global compliance team by 34%, reaching a total of 645 full-time employees. Overall, Binance collaborates with over 1,000 compliance personnel and executives.
“With the acquisition of Sim;paul, Binance has become the first cryptocurrency exchange in Brazil with a broker-dealer license.” -Binance
This license acquisition follows Changpeng Zhao, the founder of Binance, accepting money laundering charges in the U.S. and stepping down as CEO in November 2023. Additionally, Binance is navigating ongoing legal challenges following the dismissal of money-laundering allegations against executive Tigran Gambaryan in Nigeria.
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