Binance Opens New Doors in Brazil

On Monday, Binance officially opened offices in São Paulo and Rio de Janeiro Brazil after eyeing the country for months.
Binance underscored that it “operates in full compliance with the Brazilian regulatory landscape” and supports regulation.

Brazil is becoming important for cryptocurrency exchanges all over the world. This is due to the boom that crypto is experiencing in the region. The worlds leading crypto exchange, Binance has recently announced the opening of two new offices in the country. Binance the world’s largest cryptocurrency exchange by trading volume, has been strategically eyeing Brazil for months.

Brazil has over a 35million users, the figure is the main reason why global cryptocurrency exchange, Binance has officially inaugurated offices in the country. Binance says that Brazil is one of its top 10 worldwide markets and its largest market in South America.

At the beginning of this year, the big-time company only had 60 employees working, this number has more than doubled, reaching a headcount of 150 at the opening. However, according to reports, employees will have the privilege of choice to either work in these offices or complete their tasks remotely.

Binance is currently making efforts to achieve compliance in Brazil while the exchange has been affected by compliance issues with local laws in several countries before. Seeking to extend its reach in the South American country where a spate of companies has added digital asset trading services in recent months.

#Binance opens two offices in Brazil in a move to expand in the country and to grow crypto adoption in Latin America.

The offices were announced by @cz_binance, who visited the country in March this year. Since then, we have more than doubled the team dedicated to Brazil.

— Binance (@binance) October 3, 2022

Brazil is still awaiting broad cryptocurrency regulation as a long-awaited bill sits in the country’s lower chamber. However, a wave of high-profile payment apps and digital banks have added digital asset trading services within the past year, including Nubank, Mercado Libre, and BTG Pactual. The country ranked seventh on Chainalysis’ latest Global Crypto Adoption Index.

The company announced the purchase of Sim; paul Investimentos in March to become a regulated payment institution in Brazil, an operation that is still under analysis by the central bank.

In an announcement made on Monday, the Binance and the Financial Monitoring Agency (FMA) of Kazakhstan, both hold strong interests in the development of the Kazakh cryptocurrency industry. The Memorandum of Understanding signed by both parties will help support the country’s cryptocurrency industry.

Ambassadors from both fronts were in attendance at the meeting to sign the MoU for proper understanding. The meeting saw personalities such as the Chairman of FMA, Zhanat Elimanov, along with other FMA members. Representatives from Binance were also in attendance. The memorandum will also counter illegal crypto-related activities.