Binance Partner In Brazil Granted Payment Institution License

Latam Gateway, Binance’s payment provider in Brazil, has earned a license from the Central Bank of Brazil to serve as a payment institution and electronic money issuer in the country. With Brazil as one of Binance’s biggest markets, this approval represents a move in the right direction for one of crypto’s major players.

Latam Gateway Gains Central Bank Approval In Brazil

On Friday, May 19, a wave of positivity rippled through the Brazilian financial industry as Latam Gateway was granted a license to operate as a payment institution and electronic currency issuer. This was also considered good news for the cryptocurrency sector, considering the relationship between Latam Gateway and the world’s largest crypto exchange, Binance.

Binance Exchange and Latam Gateway first became partners in June 2022, following the end of the former’s collaborative alliance with Capitual, another payment provider in Brazil. According to Binance, the end of its partnership with Capitual caused a temporary suspension of withdrawals and deposits in local currency on its platform. However, the exchange soon resumed these activities once it struck a new deal with another payment provider.

Latam Gateway, headquartered in Maringa, serves foreign organizations in Brazil by providing payment solutions through the local currency, the Brazilian Real. According to the company’s website, Binance is the only crypto client in its books, bolstering the exchange’s stake in an expanding crypto market of 214 million Brazilians.

It is important to mention that other foreign organizations in partnership with Latam Gateway will benefit from this license approval. These businesses include gaming-related companies Codashop, Game Hollywood, and Moedaz.

Brazil’s Burgeoning Cryptocurrency Space

The growth of cryptocurrency in Brazil is quite apparent, and the role of cryptocurrency exchanges in this expansion cannot be denied. These crypto organizations are moving at an incredible pace in the country – and the whole South American region.

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Author: Opeyemi Sule

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