Latam Gateway Receives License to Operate as Payment Provider for Binance in Brazil

Brazil's payment provider, Latam Gateway, secures central bank license as it expands partnership with Binance

Latam Gateway, the payment provider for Binance in Brazil, received on 19 May a licence from the country’s central bank to operate as a payment institution and e-money issuer, according to local media reports.

- Advertisement -

Brazil is among Binance’s top global markets.

What Latam Gateway Does?

Latam Gateway helps foreign companies doing business in Brazil by providing entry and exit ramps for Brazilian, Real.

According to the company’s website, Binance is its only client in the country that is active in cryptocurrencies.

Its other relevant clients are companies related to the gaming industry, such as Codashop, Moedaz and Game Hollywood.

Binance and Latam Gateway have been partners since June 2022, following the termination of Binance’s partnership with Capitual.

Brazil’s relationship with cryptocurrencies

The Brazilian market, with nearly 214 million people, has been attracting cryptocurrency companies.

- Advertisement -

In January, Binance and Mastercard partnered to launch a prepaid cryptocurrency card in the country, allowing residents to make purchases and pay bills with more than 14 cryptocurrency assets by converting cryptocurrencies into national currencies in real time.

Cardholders must comply with Know Your Customer standards.

Coinbase in Brazil too

Coinbase is also expanding to Brazil. Since March, the exchange has been working with local payment providers to offer cryptocurrency purchases and to allow deposits and withdrawals in the local currency.

- Advertisement -

Coinbase has been in the country since 2021, when it established a tech hub offering cryptocurrency services to Brazilians.

The Brazilian “interest” in cryptocurrency companies

Brazilian regulators are paying extra attention to cryptocurrency companies. Binance is reportedly being investigated because there is an allegation that it helped customers avoid a cease-and-desist order for investing in cryptocurrency derivatives.

In 2020, the Brazilian Securities and Exchange Commission issued a cease-and-desist order for cryptocurrency derivatives. Futures are considered securities under local law, regardless of the nature of the underlying assets.

According to documents from the local investigation, Binance’s platform instructed Brazilian users to change their language settings to access the Binance Futures platform.

In addition, the authority said that extensive Portuguese-language content was available, without a restriction notice, to Brazilian users.

Securities regulators in Canada and the United States have conducted similar investigations against Binance.

READ NEXT

Previous Articles:

- Advertisement -

Latest

Strategy Co-Founder Hints at New Bitcoin Purchase as Holdings Grow

MicroStrategy now holds 531,644 Bitcoin worth over $44.9 billion after its recent acquisition of 3,459 BTC.Over 13,000 institutions and 814,000 retail accounts directly hold...

Crypto Gaming’s “Tap to Earn” Trend Explodes Amid Solana Game Pass Launch

Solana Game Pass launches with 30 partnered games and over 33,000 mints, offering rewards and early access to upcoming games."Ponzi" gaming phenomenon emerges with...

Bitcoin Mining Revenue Hits Five-Year Low Despite $84K BTC Price

Bitcoin mining hashprice has fallen to $44.00 per petahash, approaching a five-year low despite BTC trading near $84,000.Miners face mounting challenges from the recent...

Buterin Proposes RISC-V to Replace EVM for Faster Ethereum Network

Ethereum co-founder Vitalik Buterin has proposed replacing the Ethereum Virtual Machine (EVM) with RISC-V architecture to improve network efficiency.The proposal aims to address scaling...

NFT Project Aims to Buy Cold War Nuclear Bunker in UK, Form DAO Collective

Solana project Meatbags is selling 100,000 NFTs to raise $1.4 million for purchasing a Cold War nuclear bunker in England.NFT holders will form a...

Must Read

Top Best Metaverse Worlds To Buy Land

The metaverse has grown in our everyday conversation since Facebook announced its rebranding in October 2021 to META. The metaverse is a virtual world,...