Binance Approved as an Authorized Seller in Brazil, Driving Latin American Adoption

Outlines:

• Binance secures its 21st global regulatory approval from Banco Central do Brasil
• Binance becomes the first crypto exchange to gain broker-dealer status in Brazil
• Brazil leads Latin America’s crypto adoption with progressive regulations, following Binance’s latest approval
• Brazil’s collaborative approach to crypto regulations paves the way for widespread adoption across the region
• With a 24-hour trading volume surpassing $18.2 billion, Binance solidifies its position as the world’s largest crypto exchange

Binance has received its 21st worldwide administrative permission; this one from Banco Focal do Brasil, Brazil’s national bank, represents a significant achievement for crypto adoption in Latin America.

Binance, the world’s largest cryptocurrency exchange, has been recognized as an authorized specialized seller in Brazil, Latin America’s most populous country.

The endorsement allows Binance to acquire São Paulo-based speculative stage Sim; Paul, an authorized representative seller licensed to distribute securities and issue electronic currency (EMI), according to a declaration sent to Cointelegraph.

With the endorsement, Binance becomes the first cryptocurrency exchange to obtain a representative seller permission in Brazil.
According to Messari, the 24-hour trading volume on Binance hit $18.2 billion at the hour of distribution, nearly tripling Bybit’s $6.3 billion daily volume in second place.

Brazil is making significant progress on crypto guidelines.
Binance’s 21st administrative endorsement comes after it received licenses in Argentina, India, Kazakhstan, and Indonesia.

According to Guilherme Nazar, head of Latin America for Binance, Brazil is taking “huge steps” in terms of crypto sector regulation.

“The [Brazilian] government has proposed a comprehensive set of guidelines for public interviews, and they have invited both business and society to contribute their thoughts. According to national bank officials, this cooperative process should conclude with the distribution of the final recommendations by mid-year.

According to a Chainalysis analysis released on October 9, Brazil ranks second in Latin America in terms of cryptocurrency reception, having received more than $90.3 billion in substantial value through digital money in 2024.

Latin America is home to four of the top twenty countries in terms of cryptocurrency adoption, including Brazil, Mexico, Venezuela, and Argentina.
Brazil was the first country to support a spot Solana SOL $207.76 trade exchange reserve on August 7, 2024, setting a global pattern for many locations.