Binance Partner Gets Payment License In Brazil
The Central Bank of Brazil has granted Latam Gateway, Binance’s payment provider in Brazil, a licence to operate as a payment institution and electronic money issuer in the country. With Brazil being one of Binance’s largest markets, this approval represents a step forward for one of crypto’s major players.
On Friday, May 19, Latam Gateway was granted a licence to operate as a payment institution and electronic currency issuer, sending a positive ripple through the Brazilian financial industry. This was also considered good news for the cryptocurrency sector, given Latam Gateway’s relationship with Binance, the world’s largest crypto exchange.
Binance Exchange and Latam Gateway first collaborated in June 2022, following the termination of the former’s collaborative alliance with Capitual, another Brazilian payment provider. According to Binance, the end of its partnership with Capitual resulted in a temporary suspension of local currency withdrawals and deposits on its platform. However, the exchange quickly resumed these activities after striking a new agreement with another payment provider.
(With inputs from Shikha Singh)
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