Binance Signs MoU To Acquire Brazilian Securities Brokerage Sim;paul Investimentos
Industry News
Binance, a leading cryptocurrency exchange, signed a Memorandum of Understanding (MoU) with Sim;paul Investimentos, a Brazilian securities brokerage company.
Binance has operated in Brazil for some time, however pending legislation in that country will require crypto exchanges to obtain proper licences, making the establishment of a local office or acquiring an existing operator necessary.
Sim;paul is an authorised brokerage firm with licences from both the Securities and Exchange Commission and the Central Bank of Brazil.
According to Changpeng Zhao, Binance CEO, in a fast-developing market like Brazil, crypto can transform and facilitate people’s lives, and so the company believes Binance can have a positive influence on the Brazilian community and ecosystem.
In 2021, the number of active Binance users in Brazil jumped 125% over the prior year, the company said recently.
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