Binance Opens New Offices In Brazil

Binance has officially launched two offices in Brazil, aiming to expand its presence in the South American country, where a slew of enterprises has recently introduced digital asset trading services.

Binance inaugurated two offices in Brazil’s financial capital of So Paulo and its second-largest city, Rio de Janeiro, on Monday. According to a release, the exchange’s CEO Changpeng Zhao (CZ) revealed the plan to establish the headquarters in March. The exchange currently has a workforce of more than 150 workers in Brazil.

Binance, the world’s largest cryptocurrency exchange by trade volume, has been targeting Brazil strategically for months. According to reports, company executives have met with government authorities, and the exchange signed a memorandum of understanding (MOU) in March to buy the locally-regulated securities firm Sim;paul Investimentos.

According to the exchange, Brazil’s central bank is reviewing the transaction, but more specifics concerning its status are unknown. Separately, the corporation recently appointed former Brazilian Finance Minister Henrique Meirelles to its board of directors.

Binance has been creating offices in local markets throughout the world, and the exchange said that it will expand its Kazakhstan site as it tries to become a regional center.

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