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

The potential deal comes ahead of legislation that would require proper licensing for overseas crypto exchanges operating in Brazil.

AccessTimeIconMar 14, 2022 at 4:39 p.m. UTC
Updated Mar 14, 2022 at 6:29 p.m. UTC

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

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 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.

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

CoinDesk - Unknown

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

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