trade now
Crypto AdoptionCryptocurrencyCryptocurrency RegulationHong KongNews

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.

📰  Argentina Is Focused On Cryptocurrencies Even On The Governmental Level

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.

📰  Singapore Plans to Introduce New Crypto Regulations

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.

📰  Binance Partners with Cybercrime Investigation Center of the Philippines

Tokenhell.com produces top quality content exposure for cryptocurrency and blockchain companies and startups. We have provided brand exposure for thousands of companies to date and you can be one of them too! All of our clients appreciate our value / pricing ratio. Contact us if you have any questions: info@tokenhell.com. Cryptocurrencies and Digital tokens are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Read full terms and conditions / disclaimer.

📰  Banque de France Announced New Ventures in CBDCs

Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close