Binance Secures Brazil Regulatory License, Memecoin Trader Turns $66 into $3M as KEKIUS Surges

In recent developments within the cryptocurrency sector, Binance has obtained its 21st international regulatory license in Brazil

Key Takeaways:

Binance has now secured 21 international regulatory licenses, with its latest being in Brazil.

A memecoin trader realized a paper profit of over $3 million from an initial investment of $66.

The Floki DAO community has voted to allocate part of its buyback wallet to provide liquidity for an upcoming Exchange-Traded Product (ETP).

Memecoins continue to deliver strong returns, outperforming all other crypto categories except artificial intelligence.

Binance, the world's largest cryptocurrency exchange by trading volume, has obtained its 21st international regulatory license in Brazil. This license, granted by Banco Central do Brasil, will allow Binance to fully operate a cryptocurrency exchange in the country.

Binance also announced that it has agreed to acquire São Paulo-based Sim;paul, a securities distribution, and an electronic money issuing platform. This acquisition will make Binance the first crypto exchange to secure a broker-dealer license in Brazil.

Binance began operating in Brazil in 2019 and currently has a team of over 150 people in the country. In 2022, Binance obtained a Money Transmitter License from Banco Central do Brasil, which permitted Binance to carry out money remittance activities in the country.

With this latest regulatory approval, Binance will be able to expand its services in Brazil and play a more significant role in the adoption of cryptocurrencies in Latin America.

A memecoin trader realized a staggering paper profit of over $3 million from an initial investment of $66. The windfall followed Elon Musk's temporary name change on platform X to “Kekius Maximus,” which sparked interest in a Pepe-Gladiator-themed memecoin. The trader purchased 10.17 million KEKIUS memecoins and sold a portion for a significant return, marking a 45,900-fold paper gain. The KEKIUS memecoin, created on December 13, surged to a market capitalization of $380 million at its peak.

Memecoins, typically known for their volatility and community-driven nature, have delivered robust returns in 2023, outperforming all other crypto categories except artificial intelligence. Several memecoins, including Dogecoin (DOGE) and Shiba Inu (SHIB), have experienced substantial gains this year.

The Floki DAO community has unanimously voted to allocate part of its buyback wallet, which contains 16.3 billion Floki tokens, to provide liquidity for a forthcoming Exchange-Traded Product (ETP). This initiative will offer traditional finance investors in Europe exposure to Floki, a memecoin with a large market presence.

The ETP will be listed on a major European stock exchange and will track the price of Floki tokens. It will be available for purchase by a wide range of investors, including institutions and retail traders.

The Floki DAO will use the proceeds from the ETP liquidity provision to buy back and burn Floki tokens, thereby reducing the circulating supply and increasing the scarcity of the tokens. This strategy is expected to support the price of Floki tokens in the long term.