people to work in both cities.

According to a Binance announcement, many of these workers would be devoted to helping the exchange’s customers.

Binance Boosts Brazil’s Crypto Landscape

Binance, the world’s biggest crypto exchange in terms of trading volume, has had Brazil on its crosshair for months.

Reportedly, business executives have met with government officials, and in March, Binance signed a memorandum of understanding (MOU) to buy Simpaul Investimentos, a local securities brokerage.

Binance says that Brazil is one of its top 10 worldwide markets and its largest market in Latin America. The country ranks No. 7 on Chainalysis’ latest Global Crypto Adoption Index.

In its release, the cryptocurrency exchange stated that Binance works “in complete conformity with the Brazilian regulatory landscape.”

The company added that it 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.”

Brazil: A Booming Crypto Hub

According to Statista.com, Sao Paulo had the highest population of any Brazilian city in 2021, as well as the highest number of companies using Bitcoin ATMs or in-store payment method.

Based on data by the open-source information, Sao Paulo has a comparatively high number of these firms, notably in comparison to Rio de Janeiro, a city with roughly half the population of Sao Paulo but just 20 percent the number of businesses.

Brazil is still awaiting comprehensive digital currency regulation, as pending legislation hangs in the lower chamber of the country’s legislature.

In the past year, a number of prominent digital banks have incorporated virtual asset trading services. These lenders include Mercado Libre, Nubank and BTG Pactual.

Meanwhile, as part of its global law enforcement training program, Binance also announced on Monday that it has inked a memorandum of understanding with the Financial Monitoring Agency of Kazakhstan.

Crypto total market cap at $917 billion on the daily chart | Source: TradingView.com

Featured image from KimKim, Chart: TradingView.com