In a historic move, crypto exchange Binance has announced that it will officially open two new offices in Brazil.
According to local media, the core team of Binance will consist of 150 employees, who will be able to attend in the office or work remotely. The new offices are located in Rio de Janeiro and São Paulo, which are major business centers in the country.
Binance is also planning to launch a crypto debit card in Brazil, the second Latin American country to own the product. The Binance debit card works just like any other bank card, except that it’s not tied to a mobile banking app, but it’s tied to a crypto wallet.
Binance allows customers to top up their card balance with funds through the Binance Card app and then convert their crypto holdings into fiat currency within seconds, which can be spent at more than 90 million Mastercard merchants worldwide. As such, the card does not connect directly to the platform’s customer account.
Having entered the domestic market in 2019, Brazil is one of the few countries where Binance has set up a physical office. However, a group of local brokerage firms filed a complaint against the exchange last March accusing it of operating illegally in the country.
The move comes nearly three months after Binance cut ties with its current payment partner in Brazil due to a conflict with its “values”.
Citing new requirements imposed by Brazil’s central bank, Capitual said it had to cut ties with Binance because the exchange failed to comply with the new rules. The Brazilian bank, which also provides payment services to other exchanges, said that Kucoin and Huobi have adapted their systems to the changes. As such, it remains on the Capitual platform, and its clients can regularly follow up on their transactions with Reyes.
Binance suspended deposits and withdrawals in Brazilian reals through the government payment system Pix in June. It should be noted that the blocking of payments coincided with the end of the deadline imposed by the Central Bank of Brazil on Pix service providers to implement the new KYC requirements.
Binance was also reportedly planning to buy banks and payment processors in Brazil as a way to enter the market. It has already signed a Memorandum of Understanding for the potential acquisition of a Brazilian stockbroking firm, Sim; Paul Investimentos. However, the acquisition requires Binance to obtain approval from both the Securities and Exchange Commission of Brazil (CVM) and the Central Bank of Brazil.