Binance is one of the largest crypto exchanges in terms of volume traded. It has now announced expansion plans for Brazil. To accommodate 150 people, the exchange will set up two offices in Brazil. A debit card could also be launched in the near future according to the company.
Binance increases Brazil team facilities
Latams like Brazil and Brazil have been gaining in importance for crypto exchanges around the globe due to the cryptocurrency boom. Binance, a leading cryptocurrency exchange has announced that it is opening two offices in Brazil. According to some reports, workers will be able to choose whether they want these new offices or work remotely.
These new offices will be in Rio de Janeiro, and Sao Paolo. They will serve as co-working areas for employees of Binance Brazil. The company was only home to 60 workers at the start of the year, but this has increased significantly, with 150 employees now.
Compliance Moves & Debit Card Launch
Although Binance was previously affected by local laws issues in several other countries, the exchange currently works to comply in Brazil. The company purchased Sim;paul Investimentos, a Brazilian regulated payment institution, in March. This acquisition is currently being reviewed by the central banking.
Matthew Shroder (global vice president, regional director, Binance) stated the following:
Our proactive approach ensures that we comply with all regulations before they go into force.
Due to October’s general election, Congress is yet to discuss the Brazilian cryptocurrency bill that was presented last year.
Shroder hinted that a Mastercard product would be launched to allow Brazilians, like those in Argentina, to use cryptocurrencies to make payments using their debit cards. He elaborated on this:
The product has been very well received in Argentina so far, we have seen the first signs. We are evaluating what the next markets will be… Brazil remains the best market to sell this product due to the importance of Binance and the enormous size of its Brazilian market.
Let us know your thoughts on the plans of Binance to expand Brazil. Comment below.
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