Binance, one of the largest crypto exchanges by volume traded, has announced its expansion plans for Brazil. The exchange will open two new offices in the country to accommodate 150 employees, who will be able to choose whether they want to work in an office or remotely. The company also hinted at the launch of a debit card in the future.
Binance Expands Team Facilities in Brazil
Latam countries like Brazil are becoming more and more important for crypto exchanges around the world, due to the explosion that crypto is experiencing in the region. Leading cryptocurrency exchange Binance has just announced that it will open two new offices in the country. However, according to reports, employees will have the choice of working in these offices or performing their tasks remotely.
The two new offices, which will be located in Rio de Janeiro and São Paulo, will reportedly be shared co-working spaces, with the function of supporting the growing number of Binance employees in Brazil. While at the beginning of this year the company had only 60 employees there, this number has more than doubled, reaching 150 employees.
Compliance Moves and Debit Card Launch
While Binance has been affected by local law enforcement issues in several countries in the past, the exchange is currently working to achieve compliance in Brazil. In this sense, the company announced the purchase of Sim;paul Investimentos in March to become a regulated payment institution in Brazil, an operation that is still being analyzed by the central bank.
Regarding this move, Matthew Shroder, global vice president and regional director at Binance, stated:
We are proactive in ensuring that even before the new regulations come into effect, we meet the prerequisites to operate as a crypto exchange.
The Brazilian cryptocurrency bill, which was introduced last year, is still waiting to be debated by Congress due to the upcoming general elections that will be held in October.
Shroder also hinted at the launch of a Mastercard product that would allow Brazilians to pay with cryptocurrencies using a debit card, similar to the card launched in Argentina a month ago. About this, he explained:
The first results we see in Argentina are that the product is very successful. We assess what the next markets will be… But due to the size of the Brazilian market and its importance to Binance, Brazil is definitely at the top of the list of upcoming markets for this product.
What do you think about the expansion plans that Binance has in Brazil? Tell us in the comments section below.
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