A Memorandum of Understanding (MoU) was signed by blockchain-based crypto exchange Binance and Brazilian broker Sim;paul Investimentos to buy the company. With the new initiative, it is hoped to further develop the cryptocurrency and blockchain ecosystem in Brazil.
In an announcement published Monday, Binance, one of the world’s most leading cryptocurrency and blockchain infrastructure providers, announced that it has signed a Memorandum of Understanding to explore the acquisition of Sim;paul Investimentos, an established brokerage firm in Brazil which is authorized by the Brazilian Central Bank and the Securities and Exchange Commission (CVM).
At Binance, our goal is to grow adoption of crypto around the world to generate a positive impact for our users, the crypto and blockchain community, and society in general. 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.
Changpeng Zhao, Founder/CEO – Binance
In the past few years, banks and finance companies have been subject to regulatory scrutiny in Brazil. Earlier this year, the website Portal do Bitcoin reported that the exchange banned the trading of futures on its Brazilian website. This was in response to the CVM’s alert sent in July 2020, which highlighted Binance Futures as one of three entities that, at the time, were not registered to operate on the Brazilian securities market.
The timeline on the company’s website shows Sim;paul was born in 2019. Ultimately, in December 2020, the firm started offering its services after receiving approval from the central bank. Their headquarters is located in Porto Alegre, Brazil.
There will be regulatory approvals required, including by the Central Bank of Brazil, before the transaction can be completed.
