Binance Pay Expands into Brazil

The cryptocurrency exchange Binance announced today the expansion of its cryptocurrency payment option, Binance Pay, into Brazil, allowing local merchants to offer a new simplified alternative for payment that may attract new customers, increase processing speed, and reduce costs.

Launched by Binance in 2021, Binance Pay​ now supports more than 70 cryptocurrencies. Utilizing this option, Brazil-based merchants can receive the payment in Brazilian Real or in crypto directly to their wallets. 

In this country, Latam Gateway, which cooperates with the Central Bank of Brazil to ensure the processing of legitimate payment activities, serves as Binance’s payment service provider.

Guilherme Nazar, general manager for Binance in Brazil, said, "Payment is one of the most popular use cases of crypto, which has seen a continuous increase in adoption. Companies and merchants can now benefit from high processing speeds, low costs, and security provided by Binance Pay. We expect this launch to be especially relevant for businesses in Brazil, as the country registers one of the highest crypto adoption increase rates. By accepting crypto as a payment method, they’ll increase the row of potential new consumers."

In addition to Brazil, Binance Pay currently operates in Argentina, Mexico, and Colombia.