Binance to Expand with Two New Offices in Brazil

Binance, one of the biggest crypto exchanges by volume traded, has announced its expansion plans for Brazil. The exchange will open two new offices in the country to host 150 employees.

The two new offices, which will be located in Rio de Janeiro and Sao Paolo, will reportedly be shared co-working spaces, with the function of supporting the growing number of Binance employees in Brazil. While at the beginning of this year the company had only 60 employees there, this number has more than doubled, reaching a headcount of 150. According to reports, employees will have the choice of working in these offices or completing their tasks remotely.

While Binance has been affected by compliance issues with local laws in several countries before, the exchange is currently making efforts to achieve compliance in Brazil. In this sense, the company announced the purchase of Sim;paul Investimentos, a Brazil regulated brokerage firm, in March to become a regulated payment institution in Brazil, an operation that is still under analysis by the central bank.

About this move, Matthew Shroder, global vice president and regional director at Binance, stated: "We are being proactive to ensure that even before the new regulations go into effect, we meet the prerequisites to operate as a crypto exchange."

Shroder also hinted at the launch of a Mastercard product that would allow Brazilians to pay with cryptocurrencies using a debit card, similar to the card launched in Argentina a month ago. On this, he explained: "The first results we are seeing in Argentina are that the product is being very successful. We are evaluating what the next markets will be… But given the size of the Brazilian market and its importance to Binance, Brazil is undoubtedly at the top of the list of upcoming markets for this product."