Binance recently said that Brazil is one of its most promising international markets.
Latam Gateway facilitates the operations of overseas businesses in Brazil.
Local media in Brazil reported on May 19 that Binance’s Brazilian payment processor, Latam Gateway, has been awarded a license by the country’s central bank to function as a payment institution and electronic money issuer. In a recent statement, Binance said that Brazil is one of its most promising international markets.
By offering access points for the Brazilian real, Latam Gateway facilitates the operations of overseas businesses in Brazil. Binance is the sole cryptocurrency exchange listed as a customer on the company’s website. Codashop, Moedaz, and Game Hollywood are just a few examples of key customers in the gaming industry.
Lucrative Market
Since June 2022, when Binance and Binance-Capitual’s partnership in the country officially ended, Binance and Latam Gateway have worked together.
With a population of roughly 214 million, Brazil is a lucrative market for cryptocurrency businesses. Earlier this year, Binance and Mastercard collaborated to provide a prepaid crypto card in the nation, enabling locals to make purchases and settle debts using over 14 different cryptocurrencies via instantaneous crypto-fiat conversion. All cardholders must meet Know Your Customer requirements.
Coinbase is also growing its presence in the nation. The exchange began accepting local payment methods in March, allowing customers to buy cryptocurrencies and make deposits and withdrawals in their own currency.
Authorities in Brazil are likewise paying close attention to the crypto industry. Allegedly aiding customers in circumventing a stop order on crypto derivatives investments, Binance is apparently the subject of an investigation.
The Brazilian Securities and Exchange Commission put a halt on crypto derivatives trading in 2020. Regardless of the underlying assets, futures contracts are deemed securities under local law.