• Binance’s CEO touched down in Brazil and has left a pretty interesting trail.
• The company acquired a brokerage in Brazil and unveiled plans to purchase banks.
• Brazil might be gearing up to be the leading cryptocurrency hub of South America.

Last week, Changpeng Zhao was in Brazil, meeting with all the key players in the country. Without a doubt, Binance is about to set off some serious fireworks in Brazil.

The Brazilian Experience

Changpeng Zhao, CEO of the largest cryptocurrency exchange in the world, was in Brazil, the largest South American country, last week. Zhao took the opportunity to meet the governors of São Paulo and Rio De Janeiro while receiving a key to the city and earning their support.

“Thanks so much for the visit. Congratulations on the disruptive work you’ve been doing. Count on Sao Paulo,” wrote Joao Doria, Sao Paulo’s governor. After the meetings with state officials, CZ headed to the ETH Rio conference where he announced that the exchange had concrete plans to expand the number of its staff and to purchase payment processors and banks in the country. 

CZ took the opportunity to announce to event attendees that Binance had just signed a Memorandum of Understanding to purchase Sim;Paul, a local securities brokerage. Commenting on the deal, CZ stated for Binance to fulfill its aims there is the need for “full collaboration with the local authorities.”

“Was just at the ETH Rio conference. The energy level, the enthusiasm…” he tweeted about the reception he had received. Brazil seems to be a strategic market for Binance given the population of over 200 million and its sheer size. This year, Brazil’s transaction volumes on Binance rose by 125% in comparison with 2021.

Brazil Is Pro-Crypto

Brazil was widely touted to be the next country to accept Bitcoin as legal tender after El Salvador’s experiment. The country sent ripples of excitement after the Economic Affairs Committee unanimously approved the cryptocurrency bill.

The bill still faces the hurdles of the Senate and Lower Houses before heading to the President’s desk for signing into law. The contents of the bill have been hailed as being the right step in the right direction for the ecosystem as it clearly defines what constitutes virtual assets and the classification of service providers.

Word on the crypto street is hinting that Binance will establish an office in South America with Brazil being in pole position to host the company. Binance has made significant strides in the Middle East after it obtained operational licenses in Bahrain and the United Arab Emirates.