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The CEO of Binance, Changpeng “CZ” Zhao has announced that the leading cryptocurrency exchange will be opening up two new offices in Brazil. This comes as part of a move to increase its presence in Brazil’s steadily increasing crypto market.
As it stands, Brazil is one of the leading markets for cryptocurrency growth, sitting just two places behind the United States in terms of crypto adoption.
Last 48 hrs or so:
— CZ 🔶 Binance (@cz_binance) October 3, 2022
According to the announcement, the two new Binance offices will be in São Paulo and Rio de Janeiro. The new offices mean more than 150 employees will be hired and spread across the firm’s Brazilian operations. As per the announcement:
“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 that cryptocurrencies and blockchain offer.”
#Binance opens two offices in Brazil in a move to expand in the country and to grow crypto adoption in Latin America.
The offices were announced by @cz_binance, who visited the country in March this year. Since then, we have more than doubled the team dedicated to Brazil.
— Binance (@binance) October 3, 2022
Brazil and crypto regulation
Binance has commented that it will be working on expanding in Brazil after CZ went to the country earlier this year. Since then, Binance has doubled the number of staff that are dedicated to Brazilian expansion and operating in the country.
Last month, Binance also hosted a number of crypto and blockchain workshops for law enforcement agencies in Brazil and Argentina. the intention behind the workshops was to help enforcement agencies in the country to identify and fight cryptocurrency-related crimes. This comes as part of a move to work hand-in-hand with regulators and authorities.