A boon for crypto – Binance expands in Brazil with 2 new offices
Registered crypto users in Brazil are increasing at a steady and steady pace, despite the bear market rearing its ugly head.
Based on the latest data, the South American country has accumulated more than 1 million registered crypto accounts for the month of July alone, adding to its nearly 35 million users, the Brazilian tax authority Receita Federal revealed.
The number is one reason why the global cryptocurrency exchange Binance has officially inaugurated two new offices in the country.
The Changpeng “CZ” Zhao-led crypto exchange is seeking 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 more than 150 people to work in both cities.
According to a Binance announcement, many of these workers would be dedicated to helping the exchange’s customers.
JUST IN: 🇧🇷 #Binance opens two offices in the Brazilian cities of Sao Paulo and Rio de Janeiro.
— Watcher.Guru (@WatcherGuru) 3 October 2022
Binance boosts Brazil’s crypto landscape
Binance, the world’s largest crypto exchange in terms of trading volume, has had Brazil on the ropes for months.
Company executives have reportedly met with government officials, and in March Binance signed a memorandum of understanding (MOU) to acquire Simpaul Investimentos, a local brokerage house.
Binance says Brazil is one of the top 10 worldwide markets and the largest market in Latin America. The country ranks No. 7 on Chainalysis’ latest Global Crypto Adoption Index.
In its release, the cryptocurrency exchange stated that Binance operates “in full compliance with the Brazilian regulatory landscape.”
The company added that it believes that “regulation is the only way for the digital asset industry to grow and reach the general public so that more people can enjoy the benefits that cryptocurrencies and blockchain offer.”
Brazil: A Thriving Crypto Hub
According to Statista.com, Sao Paulo had the highest population of any Brazilian city in 2021, as well as the highest number of companies using Bitcoin ATMs or in-store payment methods.
Based on data from open source information, Sao Paulo has a relatively high number of these firms, especially compared to Rio de Janeiro, a city with about half the population of Sao Paulo but only 20 percent of the number of businesses.
Brazil is still waiting for comprehensive digital currency regulation, as pending legislation hangs in the lower chamber of the country’s legislature.
Over the past year, a number of prominent digital banks have incorporated 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 Monitoring Agency of Kazakhstan.
Crypto total market cap at $917 billion on the daily chart | Source: TradingView.com Featured image from KimKim, Chart: TradingView.com
