Binance, one of the largest cryptocurrency exchanges in the whole world, has taken another step to become a fully fledged investment platform in Brazil. The Central Bank of Brazil finally approved the acquisition of Sim;paul Investimentos, a securities brokerage platform.

The purchase makes Binance the first and only platform in Brazil holding a securities brokerage license, opening the doors to offering a new suite of products to local customers. This would include securities, stocks, and even fund distribution. Nonetheless, the Binance has reported that it has no plans for expansion to other markets besides crypto in the short term.

Instead, the exchange seems to focus on developing redundant solutions to avoid disruption of services like withdrawals and direct deposits into the local financial system, as has happened before.

Binance CEO Richard Teng underscored the relevance of this transaction, highlighting the compliance implications of this decision. He stated:

As a booming market in cryptocurrency adoption, Brazil represents a vibrant and dynamic community that is embracing the future of finance. The approval received in Brazil underscores our commitment to compliance and security.

Guilherme Nazar, Binance’s regional vice president for Latin America, also stressed that the acquisition reinforces the exchange’s efforts to be compliant as part of the wider financial system. “This achievement highlights our dedication to compliance and regulatory excellence while enhancing our ability to provide secure and innovative financial solutions to our growing user base,” Nazar declared.

The deal was over 2 years in the making, when former CEO Changpepng “CZ” Zhao was still at the helm of Binance, before the exchange was involved in a landmark settlement with the Department Of Justice. At the time, the company sought to expand its local operations and contribute to “developing the community and ecosystem in Brazil,” as Zhao stated.

Read more: DOJ Announces $4.3 Billion Settlement With Binance; CZ to Step Down as Part of Plea Deal

Read more: Binance Explores Acquisition of Brazilian Securities Brokerage Firm

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。