Changpeng Zhao (CZ) led crypto exchange Binance has opened up two offices in Brazil as the firm looks to tap the country’s emerging crypto market, with reportedly more than 34.5 million crypto users there.
According to an Oct. 3 announcement, Binance has now opened offices in São Paulo and Rio de Janeiro, with more than 150 employees to be spread across the firm’s operations in Brazil.
“The exchange operates in full compliance with the Brazilian regulatory landscape and 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,” the announcement reads.
Binance stated that it has been working on a Brazilian expansion since CZ initially visited in March, with the firm doubling the size of its team focused on the country since then.
In September, Binance also hosted a series of crypto and blockchain workshops for law enforcement agencies in Brazil and Argentina to help them identify and fight crypto crime, suggesting it may hold a decent relationship with Latin American regulators.
The company has notably upped its focus on working with regulators after a spate of regulatory reviews and investigations from several government agencies in 2021.
Brazil looks to be a market prime for further growth, with blockchain research firm Chainalysis recently ranking the country seventh on the 2022 Global Crypto Adoption Index report.
The firm ranked Brazil just two places behind the U.S. and five places ahead of Latin American counterpart Argentina.