In a significant milestone for crypto adoption in Latin America, Binance has secured its 21st global regulatory authorization from the Banco Central do Brasil, the central bank of Brazil. This approval marks a major breakthrough for the world’s largest crypto exchange as it was approved as a licensed broker-dealer in Brazil.
A Major Breakthrough for Crypto Adoption in Latin America
Binance’s latest achievement comes after receiving licenses in Argentina, India, Kazakhstan, and Indonesia. The approval allows Binance to acquire São Paulo-based investment platform Sim;paul, a licensed broker-dealer authorized to distribute securities and issue electronic money (EMI), as per an announcement shared with Cointelegraph.
A Comprehensive Proposal for Crypto Regulation in Brazil
Brazil is making significant strides in crypto industry regulation. Guilherme Nazar, head of Latin America for Binance, highlighted the collaborative approach adopted by the Brazilian government:
"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."
A Global Leader in Crypto Exchange
Binance’s 24-hour trading volume exceeded $18.2 billion at the time of publication, nearly triple Bybit’s $6.3 billion daily volume in second place, according to data from Messari.
Top Crypto Exchanges by 24-Hour Trading Volume
| Rank | Exchange | 24-Hour Trading Volume (USD) |
| — | — | — |
| 1 | Binance | $18.2 billion |
| 2 | Bybit | $6.3 billion |
Brazil’s Progress in Crypto Regulation
Brazil is making significant progress on crypto regulation, with four of the top 20 countries in terms of global crypto adoption being from Latin America, namely Brazil, Mexico, Venezuela, and Argentina.
LATAM Countries by Crypto Value Received
| Rank | Country | Crypto Value Received (USD) |
| — | — | — |
| 1 | Brazil | $90.3 billion |
A Global Precedent for Crypto Adoption
Brazil was the first country to approve a spot Solana SOL exchange-traded fund on August 7, 2024, setting a global precedent for other jurisdictions.
A Look at the Top Countries in Terms of Crypto Adoption
| Rank | Country | Crypto Value Received (USD) |
| — | — | — |
| 1 | Brazil | $90.3 billion |
| 2 | Mexico | $23.4 billion |
| 3 | Venezuela | $13.4 billion |
| 4 | Argentina | $12.4 billion |
The Future of Crypto Adoption in Latin America
As Brazil continues to make significant strides in crypto regulation, the future looks bright for crypto adoption in Latin America.
A Brief Look at the Progress Made by Countries in LATAM
| Country | Regulatory Status |
| — | — |
| Brazil | Licensed broker-dealer status |
| Mexico | Regulatory framework in place |
| Venezuela | Cryptocurrency trading allowed |
| Argentina | Exchange-traded fund approved |
Conclusion
Binance’s 21st global regulatory authorization is a significant milestone for crypto adoption in Latin America. With Brazil making significant progress on crypto regulation, the future looks bright for crypto adoption in the region.
Sources
- Banco Central do Brasil
- Cointelegraph
- Messari
- Chainalysis
