VICTORIA, Seychelles–(BUSINESS WIRE)–Global cryptocurrency exchange KuCoin today announced that it has become the first major exchange to support Brazilian real (BRL) deposits and withdrawals following a recent policy change made by the Central Bank of Brazil.
To ensure that fiat-to-crypto transactions are secure and compliant with regulations, the Central Bank of Brazil has imposed a deadline to update the identity verification process for users to use BRL payment services. Exchanges that have not met the new KYC (Know Your Customer) requirement will be required to terminate BRL transaction services for Brazilian users.
Through the partnership with local payment gateway Capitual, KuCoin has succeeded in becoming the first global crypto platform that allows local investors to make inbound and outbound transfers in BRL via PIX, the government-backed payment system. .
Johnny Lyu, CEO of KuCoin, said, “As crypto goes mainstream, fiat-to-crypto service remains the biggest barrier to onboarding more adopters. We are proud to be the first exchange to comply with the new PIX regulations and help our Brazilian users to deposit and withdraw BRL normally. We will soon be launching more features such as fiat trading pairs to help South American investors trade crypto in an easy and compliant way.
According to KuCoin’s Into The Cryptoverse report, Brazil is one of the fastest growing crypto markets in the world. Around 34.5 million Brazilians, or 26% of the population between the ages of 18 and 60, are active crypto investors. 64% of crypto investors are looking to increase their investments, while 21% are considered crypto-curious.
Since the beginning of 2022, KuCoin has been experiencing significant growth in the Brazilian market, and to reward crypto newbies, KuCoin is holding a special airdrop event, offering a welcome bonus to all new Brazilian users.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-oriented platform focused on inclusivity and reach for community action, it offers over 700 digital assets. Currently, it offers spot trading, margin trading, fiat P2P trading, futures trading, staking and lending to its 18 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments in a pre-Series B round at a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges, according to CoinMarketCap. Forbes also named KuCoin one of the best crypto exchanges in 2021. In 2022, The Ascent named KuCoin the best crypto app for enthusiasts.
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KuCoin Becomes First Crypto Exchange To Support BRL Transfers Via PIX After New Central Bank Policy
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