Binance Signs MoU to Acquire Brazilian Securities Brokerage Sim;paul Investimentos

Global crypto exchange Binance signed a Memorandum of Understanding (MoU) to acquire Brazilian securities brokerage Sim;paul Investimentos.

Sim;paul is a traditional brokerage operator authorized by both the Central Bank of Brazil and the Securities and Exchange Commission (CVM). While Binance has done business in Brazil for some time, pending legislation in that country would require crypto exchanges to have proper licensing, making either opening of a local office or acquiring an existing operator a necessity.
Any deal would require the approval of regulatory authorities, Binance added in its announcement Monday.
In August , Binance suspended the trading of futures contracts on its Brazilian platform to comply with local regulations.
“In a fast-developing market like Brazil, crypto can transform and facilitate people's lives and as such we believe – in full collaboration with local authorities – that Binance has a lot to contribute in developing the community and ecosystem in Brazil,” said Binance founder and CEO Changpeng Zhao.
Sim;paul was founded by João Silveira in 2019, and in October 2020 received authorization from the Central Bank of Brazil to start operating, according to the company's website.
Brazil is a key strategic market, Binance told CoinDesk recently, noting that in 2021 active transacting users were up 125% versus the previous year.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Andrés Engler

Andrés Engler is a CoinDesk editor based in Argentina, where he covers the Latin American crypto ecosystem. He holds BTC and ETH.

Follow @andresengler on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.