Latam Gateway, the payment provider for Binance in Brazil, has been granted a license by the country’s central bank to operate as a payment institution and electronic money issuer on May 19, according to local media reports.

Brazil is among Binance’s top global markets, the exchange said in a previous announcement.

Latam Gateway helps foreign companies to operate in Brazil by providing on/off ramps with the Brazilian real. According to the company’s website, Binance is the only crypto client in the country. Other relevant clients include gaming-related companies such as Codashop, Moedaz and Game Hollywood.

Binance and Latam Gateway have been partners since June 2022, following the termination of Binance-Capitual’s collaboration in the country. 

A market with nearly 214 million people has attracted crypto companies to Brazil. In January, Binance and Mastercard teamed up to launch a prepaid crypto card in the country, allowing residents to make purchases and pay bills with over 14 crypto assets through real-time crypto-fiat conversion. Cardholders are required to comply with Know Your Customer (KYC) standards.

Related: Crypto adoption is booming, but not in the US or Europe — Bitcoin Builders

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Author: Ana Paula Pereira

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