Binance, the world’s leading crypto exchange, has continued its expansion in Brazil, like Coinbase, for months. In a remarkable move LATAM Gateway, Binance’s payments partner in Brazil, licensed by the Central Bank of Brazil to act as a payment institution and electronic currency issuer. The extent to which Binance is expanding on the Brazilian crypto market will now be discussed in the following article.
LATAM Gateway: Bridge to Brazilian markets
LATAM Gateway has been Binance’s partner in Brazil since June 2022, enabling foreign companies to operate in the Brazilian market. The company provides On/off ramps with the Brazilian real available what den Allows exchanges between cryptocurrencies and local currency. Binance is currently LATAM Gateway’s only crypto client in Brazil, underscoring the exchange’s strategic position in this attractive market.
Planned purchase of Sim;paul Investimentos from Binance
The Binance team also met with government officials to sign an MOU (Memorandum of Understanding) to purchase locally regulated securities firm Sim;paul Investimentos. So far, the Brazilian central bank is investigating the transaction, so there is currently no confirmation.
Binance strengthens presence with office openings
Likewise, Binance recently expanded its presence in Brazil through the Opening of two offices in São Paulo and Rio de Janeiro strengthened. The opening of these offices, combined with a workforce of more than 150 employees in Brazilclearly shows Binance’s intention to expand its presence in South America and strengthen its role in the Brazilian crypto ecosystem.
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#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
Cooperation with Mastercard expands crypto access
Binance has also partnered with Mastercard to create a Launch prepaid crypto card. It will allow Brazilian citizens to pay bills and make purchases using over 14 crypto assets, making cryptocurrencies more accessible to a wider demographic.
Regulatory Challenges
Despite the positive developments Binance also under the scrutiny of Brazilian regulators. There are reports that Binance is under investigation over suspicion of using customers at the Circumvention of a ban on cryptocurrency derivative investments to help.
These investigations and the associated regulatory challenges show that the expansion of the crypto industry in Brazil is being carefully monitored. However, Binance also has that former finance minister of Brazil, Henrique Meirelles, to its board of directors and thus possibly good contacts established.
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About the author: Simon Feldhusen first came into contact with the stock market 17 years ago and has been dealing intensively with trading, cryptoassets, stocks, P2P, corporate finance, finance and entrepreneurship on a daily basis for more than 8 years. He has also been working as a copywriter and ghostwriter in the financial sector for several years. During this time he has acquired a diversified knowledge through various training courses on the financial markets and following the daily news. Since then, not a day has gone by that he hasn’t engaged with the markets. He publishes for Finanzen.net, ETF-Nachrichten.de, Coincierge.de and P2E News.com.
