A Boon For Crypto – Binance Expands Into Brazil With 2 New Offices

Registered crypto users in Brazil are growing at a steady pace, despite the bear market looming.

Based on the latest data, the South American country had more than one million registered crypto accounts in July alone, adding to its nearly 35 million users, Brazilian tax authority Receita Federal has revealed. .

This figure is one of the reasons why global cryptocurrency exchange Binance has officially opened two new offices in the country.

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The crypto exchange led by Changpeng “CZ” Zhao is looking to expand its presence in South America, where a number of companies have added digital asset trading services to their portfolios in recent months.

After announcing new locations in Sao Paulo and Rio de Janeiro on October 3, Binance has hired over 150 people to work in the two cities.

According to an announcement from Binance, many of these workers are dedicated to helping the exchange’s customers.

Binance bolsters Brazil’s crypto landscape

Binance, the world’s largest crypto exchange by trading volume, has had its sights set on Brazil for months.

Reportedly, corporate executives met with government officials, and in March Binance signed a memorandum of understanding (MOU) to buy Simpaul Investimentos, a local securities brokerage firm.

Binance claims that Brazil is one of its top 10 global markets and its largest market in Latin America. The country ranks 7th in the latest Global Crypto Adoption Index from Chainalysis.

In its statement, the cryptocurrency exchange said Binance operates “in full compliance with the Brazilian regulatory landscape.”

The company added that it believes “regulation is the only way for the digital asset industry to grow and reach the mainstream, allowing more people to enjoy the benefits that cryptocurrencies offer. and blockchain”.

Brazil: A Booming Crypto Center

According to Statista.com, Sao Paulo had the highest population of any Brazilian city in 2021, as well as the most businesses using Bitcoin ATMs or an in-store payment method.

According to data from open source information, Sao Paulo has a relatively high number of such companies, especially compared to Rio de Janeiro, a city that has about half of Sao Paulo’s population but only 20% of the number. of companies.

Brazil is still awaiting full digital currency regulation, as the pending legislation hangs in the lower house of the country’s legislature.

Over the past year, a number of leading digital banks have integrated virtual asset trading services. These lenders include Mercado Libre, Nubank and BTG Pactual.

Meanwhile, as part of its global law enforcement training program, Binance also announced on Monday that it has signed a memorandum of understanding with the Financial Supervisory Agency of Kazakhstan.


Crypto total market cap at $917 billion on the daily chart | Source: TradingView.com

Featured image from KimKim, Chart: TradingView.com

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A Boon For Crypto – Binance Expands Into Brazil With 2 New Offices

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