Binance Will Expand With Two New Locations
Binance is hoping to capitalize on the rising demand for digital assets as Latin America cements its position as a prominent crypto hub.
The highest-volume crypto exchange is almost ready to launch in Brazil. To that end, Binance has announced the launch of not one, but two new locations within the territory.
About 150 people will be employed by the new offices, and they will have the option of working either from the workplace or from home.
Binance’s two new offices will be in two of Brazil’s most famous cities: Rio de Janeiro and Sao Paulo. The expanded Binance headquarters will accommodate the company’s expanding workforce and will have a communal coworking area for employees to use.
Binance only has 60 employees in Brazil at the beginning of 2022. However, there has been a spike, and there are now close to 150.
In addition, the Latin American and Caribbean area (LATAM) has emerged as a global hub for cryptocurrency trade. Cryptocurrency adoption remains highest in countries like Argentina, El Salvador, Brazil, and others in the area.
The cryptocurrency business in Brazil is thriving, with numerous cryptocurrency exchanges serving the country and the world.
Meanwhile, Binance is planning to introduce MasterCard debit cards. Binance regional director Matthew Shroder claims the card will enable cryptocurrency payments. Similar to Argentina, which debuted a month ago.
Compliance Concerns with Binance
The crypto exchange giant has a history of conflict with authorities in a variety of jurisdictions. But it appears to have taken extra measures to ensure it complies with all applicable rules and regulations.
To get into compliance, Binance tried to acquire SimPaul Investimentos in March. With this reform, the exchange would be able to offer digital payment services legally throughout Brazil. The Brazilian central bank is still reviewing Binance’s application to acquire the local payment company.
Several claims have been made that the exchange is attempting to curry favor with regulators. Authorities are especially worried that criminals and terrorists may use cryptocurrency to launder money or fund their activities. Transactions involving digital currencies are made possible in large part thanks to exchanges for those currencies.
This has resulted in a steady stream of investigations into the largest cryptocurrency trading platforms. Binance has been investigated by authorities in many different countries, including Japan, the United Kingdom, Hong Kong, and others. Binance has been accused of trade manipulation and of allowing problematic tokens to be listed on its marketplace.
Although Binance has stated earlier that it is willing to work with regulators, some people view this as empty rhetoric.
A number of changes have been made to the exchange’s procedures in recent years, nevertheless, in an effort to win over the approval of government officials. Some crypto items listed on Binance have already drawn the ire of regulatory organizations. As a result, in the face of criticism from a number of countries, the company has prioritized compliance.
To appease government watchdogs, the exchange is shifting its focus to being a worldwide financial services provider. While this is happening, Binance’s primary focus remains on the cryptocurrency trading market.