Binance's Brazil Provider Gets Payment Institution Approval

Binance partner Latam Gateway has been granted a license to operate as a payment institution and e-money issuer in Brazil.

Latam Gateway, the payment provider for Binance in Brazil, obtained a license from the country's central bank to operate as a payment institution and e-money issuer on May 19, according to local media.

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

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

Binance and Latam Gateway have been partners since June 2022, following the end of the Binance-Capital collaboration in the country.

A market of 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 their bills...