B

inance, the crypto exchange led by Changpeng "CZ" Zhao, has opened two offices in Brazil as it seeks to tap the country's rising crypto market, which includes more than 34.5 million crypto users. It has now set up offices in So Paulo and Rio de Janeiro, according to an Oct. 3 official statement, with over 150 employees expanded from across the company's operation in the country.

The platform mentioned that it has been operating on a Brazilian widening since CZ's initial visit in March and that it has since doubled the size of its team centered on the country.

It also offered to host a series of crypto and blockchain workshops in September for law enforcement officials in Brazil and Argentina to help them identify and combat crypto crime, indicating that it has a good relationship with Latin American policymakers.

Following a flurry of regulatory reviews and research from various government agencies in 2021, the company has significantly increased its emphasis on working with regulators.

The country appears to be a market poised for further expansion, as blockchain research company Chainalysis recently ranked the country seventh on its 2022 Global Crypto Adoption Index report.

Brazil has ranked just two places behind the United States and five sites ahead of its Latin American counterpart Argentina, according to the firm.

Binance growth

It also revealed on Monday that it had signed a memorandum of agreement (MoU) with the Financial Monitoring Agency of Kazakhstan as part of its global law enforcement education program, capping off a busy week for the company.

The platform stated that it would collaborate with the local government under the terms of the agreement to accurately detect and block digital assets illegally acquired and utilized to launder illicit funds and finance terrorism.

Binance also announced on September 29 that it had been approved by New Zealand's Ministry of Business, Advancement, and Employment and had started opening local offices there.

What are your thoughts on Binance's expansion into Brazil? Drop your comments by sharing this article on social media.

Posted 
Oct 4, 2022
 in 
Crypto News
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