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Binance Partner in Brazil Receives Authorization to Become a Payment Institution

ANA PAULA PEREIRA

 

Latam Gateway, Binance’s payment provider in Brazil, received a license from the Central Bank to operate as a payment institution and e-money issuer on May 19, UOL reported.

 

Brazil is among Binance's top global markets,  said  the exchange in a previous announcement.

 

Latam Gateway helps foreign companies operate in Brazil by providing entry and exit ramps with the Brazilian real. According to the  company website , Binance is the only crypto client in the country. Other relevant customers include gaming-related companies such as Codashop, Moedaz and Game Hollywood.

 

Binance and Latam Gateway have been partners since June 2022, after Binance's collaboration with Capitual ended.

 

A market of nearly 214 million people has attracted cryptocurrency companies to Brazil. In January, Binance and Mastercard  teamed up to launch a prepaid card  reloaded with cryptocurrencies in the country , allowing Brazilians to make purchases and pay bills with more than 14 cryptoassets through crypto-fiat conversion in real time. Cardholders are required to comply with 'Know Your Customer' (KYC) standards.

 

Coinbase is also expanding its operations to Brazil. Since March, the exchange  partnered with local payment providers  to offer cryptocurrency purchases, in addition to allowing deposits and withdrawals in real. Coinbase has been in the country since 2021, when it established a technology hub to offer services with digital assets to Brazilians.

 

Regulatory authorities in Brazil are also paying attention to cryptocurrency companies. Binance  is under investigation for allegedly helping clients avoid a stop order  regarding investments in cryptocurrency derivatives.

 

In 2020, the Brazilian Securities Commission (CVM) issued a stop order targeting Binance and its derivatives offering in Brazil. Futures contracts are considered securities under local law, regardless of the nature of the underlying assets.

 

According to local investigation documents, the Binance platform displayed instructions for Brazilian users to change their language settings to access the Binance Futures section. Furthermore, the CVM said that there was extensive content in Portuguese available without a restriction notice for Brazilian users. Canadian and US securities regulators have conducted similar investigations against the exchange.

 

Follow Cointelegraph Brasil to follow the news in real time: we're on  Twitter , no  Telegram , no  Facebook , no  Instagram  and on  YouTube , with analysis, experts, interviews and breaking news from the crypto and blockchain market in Brazil and Latin America.

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