Latam Gateway, payment provider, Binance in Brazil, has been given a licence by the country’s central bank. This license will permit Latam Gateway to function as a payment entity and electronic money issuer, as stated by Cointelegraph.
According to Cointelegraph, Latam Gateway assists foreign companies in Brazilian operations through giving ramps for Brazilian real. It’s believed that Binance and Latam Gateway have been in collaboration since July, 2022, post the ending of Binance-Capitual’s partnership in the country.
Based on Cointelegraph’s information, Brazil has been a hotspot for crypto companies. In January, 2023, Binance joined hands with Mastercard to unveil a prepaid card in the country, for which cardholders need to follow Know Your Customer (KYC) protocols. Since March, 2023, Binance has collaborated with local payment facilitators to permit crypto transactions, along with allowing local currency-based deposits and withdrawals.
Moreover, Cointelegraph noted that in 2020, Brazilian Securities and Exchange Commission (SEC) authorised a stop order around crypto derivatives. Reportedly, Binance gave out instructions for Brazilian customers to alter their language settings to avail Binance Futures platform.
(With insights from Cointelegraph)