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Binance opens two new offices in Brazil as team doubles since March

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Crypto exchange leader Changpeng Zhao (CZ), Binance has opened two offices in Brazil as the company looks to tap into the country’s emerging crypto market, with It said There are over 34.5 million crypto users out there.

According to the October 3 announcement, Binance has now opened offices in Sao Paulo and Rio de Janeiro, with more than 150 employees spread across the company’s operations in Brazil.

“The exchange operates in full compliance with the Brazilian regulatory landscape and believes that regulation is the only way for the digital asset industry to grow and reach the general public, allowing more people to enjoy the benefits offered by cryptocurrencies and blockchain,” the announcement read.

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Binance said it has been working on a Brazilian expansion since initially visiting CZ in March, with the company doubling the size of its country-focused team since then.

In September, Binance also hosted a series of cryptocurrency and blockchain Workshops to law enforcement agencies in Brazil and Argentina to help them identify and combat crypto crimes, suggesting that they might establish a decent relationship with regulators in Latin America.

The company has significantly increased its focus on working with regulators after a series of Regulatory reviews and investigations From several government agencies in 2021.

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Brazil is looking to be a key market for further growth, with blockchain research firm Chainalysis recently classification Seventh state on 2022 Global Cryptocurrency Adoption Index Report.

The company ranks Brazil two places behind the United States and five places ahead of its Latin American counterpart, Argentina.

Binance Expand

In a fruitful week for the company, Binance also announced on Monday that it has signed up to Memorandum of Understanding (Memorandum of Understanding) with the Financial Supervision Agency of the Republic of Kazakhstan as part of its Global Law Enforcement Training Program.

Under the memorandum of understanding, Binance will work with the local government to help identify and block illegally acquired digital assets and use them to launder the proceeds of crime and finance terrorism.

Related: Binance’s Global Law Enforcement Training Program Is Official After a Year of Activities

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On September 29, Binance also announced that it had registered with the New Zealand Ministry of Business, Innovation and Employment and Open local offices in the country.

“New Zealand is an exciting market with a strong history of fintech innovation,” Czechoslovakia said.