Cryptocurrency

Binance Secures 21st Global Crypto License in Brazil

AifrontierJanuary 11, 2025February 6, 202506 mins

In a significant milestone for cryptocurrency adoption in Latin America, Binance, the world’s largest crypto exchange, has secured its 21st global regulatory authorization from Banco Central do Brasil, the central bank of Brazil.

Table of Contents

A Major Breakthrough for Crypto Adoption in Latin America

Binance was approved as a licensed broker-dealer in Brazil, making it the first crypto exchange to obtain a broker-dealer license in the country. This approval is a major breakthrough for cryptocurrency adoption in Latin America and marks a significant step forward for Binance’s expansion in the region.

The Approval Allows Binance to Acquire Sim;paul

The approval allows Binance to acquire São Paulo-based investment platform Sim;paul, which is a licensed broker-dealer authorized to distribute securities and issue electronic money (EMI). This acquisition will enable Binance to expand its services in Brazil and offer its users a wider range of financial products.

Binance’s 24-Hour Trading Volume Exceeds $18.2 Billion

At the time of publication, the 24-hour trading volume on Binance exceeded $18.2 billion, nearly triple Bybit’s $6.3 billion daily volume in second place, according to data from Messari.

Brazil Makes 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, with the government putting forth a comprehensive proposal of rules for public consultation.

A Collaborative Approach to Regulation

Guilherme Nazar, head of Latin America for Binance, told Cointelegraph that:

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.

Brazil’s Progress in Crypto Adoption

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

The top 20 countries in terms of global crypto adoption are dominated by LATAM countries, with four countries from the region making it into the top 20:

Brazil
Mexico
Venezuela
Argentina

Brazil Sets a Global Precedent for Spot ETFs

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.

Conclusion

Binance’s 21st regulatory approval is a significant milestone for cryptocurrency adoption in Latin America and marks a major breakthrough for Binance’s expansion in the region. The approval allows Binance to acquire Sim;paul, expand its services in Brazil, and offer its users a wider range of financial products.

Brazil’s progress in crypto regulation is a collaborative effort between the government, industry, and society, with a comprehensive proposal of rules being put forth for public consultation. This approach should culminate in the publication of final regulations by mid-year, according to central bank officials.

As we move forward in 2025, it will be interesting to see how other countries follow Brazil’s lead in regulating cryptocurrencies and offering spot ETFs. With Binance leading the way, it is likely that we will see more crypto exchanges obtain regulatory approvals and expand their services in LATAM countries.

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