Binance, one of the largest crypto exchanges by volume, has announced its expansion plans for Brazil. The exchange will open two new offices in the country to accommodate 150 employees, who can choose whether they want to work in the office or remotely. The company has also hinted that a debit card will be launched in the future.
Binance Expands Group Facilities in Brazil
Latham countries like Brazil are becoming increasingly important for cryptocurrency exchanges around the world due to the growth that crypto is seeing in the region. Leading cryptocurrency exchange Binance recently announced the opening of two new offices in the country. However, according to reports, employees will have the option of working in these offices or completing their duties remotely.
It is reported that the two new offices in Rio de Janeiro and Sao Paulo will share workspaces. At the beginning of this year, the company had only 60 employees, this number has more than doubled to 150.
Compliance activities and debit card launch
While Binance has previously been impacted by issues related to compliance with local laws in several countries, the exchange is currently working to achieve compliance in Brazil. In this context, the company announced in March that it had acquired Sim Powell Investimentos to become a managed payment institution in Brazil, a process that is still being analyzed by the central bank.
Regarding the move, Matthew Schroeder, Global Vice President and Regional Director of Binance, said:
Even before the new regulations are implemented, we are proactive in ensuring that we meet the requirements to operate as a crypto exchange.
Brazil’s cryptocurrency bill, which was introduced last year, is still waiting to be debated by Congress due to general elections in October.
Schroder hinted at the launch of a MasterCard product that will allow Brazilians to pay with cryptocurrencies using a debit card, similar to the card launched in Argentina a month ago. On this:
The first results we see in Argentina are that the product is very successful. We are evaluating what the next markets might be… But considering the size of the Brazilian market and its importance to Binance, Brazil is undoubtedly at the top of the list of markets to come for this product.
What do you think about Binance’s expansion plans in Brazil? Tell us in the comments section below.
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