Binance Opens Two Offices in Brazil, Company Suggests Debit Card Launch

Binance, one of the largest cryptocurrency exchanges by trading volume, has announced plans to expand in Brazil. The exchange will open two new offices in the country and will employ 150 people. Employees can choose to work in the office or remotely. The company also hinted at launching a debit card in the future.

Binance Expands Team Facility in Brazil

Latin American countries like Brazil are becoming increasingly important to cryptocurrency exchanges around the world due to the cryptocurrency boom in the region. Major cryptocurrency exchange Binance recently announced that he will be opening two new offices in the country. However, according to the report, employees can choose to work from these offices or complete their tasks remotely.

The two new offices, set up in Rio de Janeiro and Sao Paulo, will reportedly be shared co-working spaces with the ability to support Binance’s growing workforce in Brazil. At the beginning of the year, he had only 60 employees, but this number has more than doubled to 150.

Compliance movement and debit card launch

Binance was previously affected by local law compliance issues in several countries, but now the exchange is making efforts to achieve compliance in Brazil. announced the acquisition of Sim;paul Investimentos to become a regulated payment institution in Brazil. This operation is still under analysis by the central bank.

Commenting on the move, Binance Global Vice President and Regional Director Matthew Shroder said:

We are actively working to ensure that we meet the prerequisites to operate as a cryptocurrency exchange even before the new regulations come into force.

Brazil’s cryptocurrency bill, introduced last year, is still awaiting parliamentary debate as general elections take place in October.

Schroeder also hinted at the launch of a Mastercard product that will allow Brazilians to use debit cards to pay in cryptocurrency, similar to the card launched in Argentina a month ago. He explained this as follows:

The first result we see in Argentina is that the product is very successful. Evaluating what the next market will be… However, given the size of the Brazilian market and its importance to Binance, Brazil definitely tops the upcoming market list for this product.

What do you think of Binance’s expansion plans in Brazil? Let us know in the comments section below.

Sergio Goshenko

Sergio is a cryptocurrency journalist based in Venezuela. He explains that he entered the cryptosphere in December 2017 when the price hike happened and fell behind the game. Computers He comes from an engineering background, lives in Venezuela, and has been affected by the cryptocurrency boom on a societal level, he offers a different perspective. About the success of crypto and how it can help the unbanked and underserved people.

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