The cryptocurrency exchange Binance, led by Changpeng “CZ” Zhao, has opened two offices in Brazil, as the firm looks to tap into the country’s emerging crypto market, where there are reportedly more than 34.5 million crypto users.
According to an October 3 announcement, Binance has opened offices in São Paulo and Rio de Janeiro. More than 150 employees will be spread across the company’s operations in Brazil.
“The exchange operates in full compliance with the Brazilian regulatory landscape and believes that regulation is the only way the digital asset industry will be able to grow and reach the general public, allowing more people to enjoy the benefits that cryptocurrencies and blockchain technology have to offer,” the announcement reads.
#Binance opens two offices in Brazil in a move to expand in the country and to grow crypto adoption in Latin America.
The offices were announced by @cz_binance, who visited the country in March this year. Since then, we have more than doubled the team dedicated to Brazil.
—Binance (@binance) October 3, 2022
Binance opens two offices in Brazil to expand in the country and grow cryptocurrency adoption in Latin America. The offices were announced by @cz_binance, who visited the country in March this year. Since then, we have doubled the team dedicated to Brazil.
Binance stated that it has been working on a Brazilian expansion since CZ initially visited in March; since then, the firm has doubled the size of its country-focused team.
In September, Binance also organized a series of cryptocurrency and blockchain workshops for law enforcement agencies in Brazil and Argentina to help them identify and combat cryptocrime, which suggests that you can maintain a decent relationship with Latin American regulators.
The company has been particularly focused on working with regulators following a series of regulatory reviews and investigations from various government agencies in 2021.
Brazil seems to be a market with great growth potential, as blockchain research firm Chainalysis has recently ranked the country seventh in the 2022 Cryptocurrency Global Adoption Index report.
The firm ranked Brazil just two places behind the United States and five places ahead of its Latin American counterpart, Argentina.
The Binance Expansion
In what has been a productive week for the company, Binance also announced on Monday that it had signed a memorandum of understanding (MoU) with the Kazakh Financial Supervisory Agency as part of its global law enforcement training program.
Pursuant to this memorandum, Binance will collaborate with the local government to help identify and block illegally obtained digital assets used for laundering criminal proceeds and financing terrorism.
On September 29, Binance also announced that it had registered with the New Zealand Ministry of Business, Innovation and Employment and opened local offices in the country.
“New Zealand is an exciting market with a strong track record of fintech innovation,” said CZ.
Last 48 hrs or so:
CZ (me) in some mountain in Africa, preaching crypto#Binance opens 2 offices in Brazil #Binance signs MOU with Kazakhstan #Binance burns $1.8m worth of LUNC from Binance’s income.
— CZ Binance (@cz_binance) October 3, 2022
The last 48 hours or so: CZ (me) is on some mountain in Africa, preaching about cryptocurrencies. Binance opens 2 offices in Brazil, signs an MOU with Kazakhstan, and burns $1.8 million LUNC from Binance proceeds.
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