Binance Reveals Brazil Expansion, Issues Debit Card Hints
The world’s largest crypto exchange recently announced its drive for Brazil, as plans are underway to open two more new offices in the country.
Binance to Open Two New Offices
As Latin America continues to become one of the leading crypto hubs, Binance is looking to leverage the popularity of digital asset adoption.
The leading crypto exchange in trade volume is on the verge of expanding its presence in Brazil. Accordingly, Binance revealed that it is opening two new offices in the country.
The new offices will have about 150 employees who can choose whether to work on-site or remotely.
Binance plans to locate the two offices in Brazil’s iconic cities, Rio de Janeiro and Sao Paulo. In addition, there will be a shared co-working space, and the new offices will support the increasing numbers of Binance employees.
It is worth noting that at the start of 2022, Binance had only 60 employees in Brazil. However, the number has surged to roughly 150.
Furthermore, the LATAM region has been a leading crypto transaction center in the world. The likes of Argentina, El Salvador, Brazil, and others continue to dominate the crypto adoption ratio in the region.
Brazil has a burgeoning crypto market, with local and international crypto exchanges dominating the space.
In the meantime, Binance also plans to launch MasterCard debit cards. According to Matthew Shroder, Binance regional director, the card will allow users to pay for services in cryptocurrency. It is similar to Argentina, which was launched a month ago.
Binance Compliance Issue
The crypto exchange giant has had a history of being on the wrong side of regulators in many countries. However, it seems to have gone the extra mile to improve its regulatory compliance.
In a move to achieve compliance, Binance attempted to purchase SimPaul Investimentos in March. The move would enable the exchange to become a regulated digital payment services provider in Brazil. However, the Brazilian central bank still assesses Binance’s request to take over the local payment firm.
The exchange has been accused severally of trying to play ball with regulators. The major concern from authorities is that entities can use crypto to launder money or finance terrorism. And digital currency exchanges play a critical role in facilitating such transactions.
As a result, scrutiny of major crypto exchanges has remained constant. Regulators have scrutinized Binance in Japan, the UK, Hong Kong, and others. Binance is also accused of being involved in trade manipulation and granting questionable tokens a place on its platform.
While Binance has previously reiterated its readiness to cooperate with regulators, some see it as a mere statement.
However, the exchange has been steadily reforming its operations to appease regulators. Regulatory bodies have previously expressed their displeasure with some crypto products listed on Binance. Thus, the firm has focused on compliance amid pressure from several countries.
The exchange is gradually pivoting to a global financial services company as it seeks to make regulators at ease. Meanwhile, crypto trading remains at the core of Binance’s business outlook.
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