Binance, one of the largest crypto exchanges by trading volume, has announced 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 also indicated that it will launch a debit card in the future.
Binance Expands Team Facilities in Brazil
Latam countries like Brazil are becoming increasingly important for cryptocurrency exchanges worldwide due to the boom that crypto is experiencing 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 to choose between working in these offices or completing their work remotely.
The two new offices in Rio de Janeiro and Sao Paulo will reportedly be shared co-working spaces with features to support Binance’s growing number of employees in Brazil. Earlier this year, the company had only 60 employees in Brazil, but this number has more than doubled to reach 150 employees.
Compliance moves and debit card launches
Binance has been affected by compliance issues with local laws in several countries before, and is currently working to achieve compliance in Brazil. In that sense, the company announced in March the acquisition of Sim;paul Investimentos to become a regulated clearing house in Brazil, an operation that is still being analyzed by the Central Bank.
Commenting on the move, Matthew Schroeder, global vice president and regional director of Binance, said,:
We are actively working to ensure that we meet the prerequisites to operate as a crypto exchange, even before new regulations come into effect.
Brazil’s cryptocurrency bill, submitted last year, is still awaiting consideration in Congress due to the impending general elections in October.
Schroeder also hinted at the launch of a MasterCard product that will allow Brazilians to pay in cryptocurrency using a debit card, similar to the card launched in Argentina a month ago. In this regard, he explained.
The first result we are seeing in Argentina is that this product is very successful. We are still evaluating what the next market will be… But given the size of the Brazilian market and its importance to Binance, Brazil is definitely at the top of the list of future markets for this product.
Image credit: Shutterstock, Pixabay, Wiki Commons, rafapress / Shutterstock.com