Binance's payment provider in Brazil, Latam Gateway, has received a license from the Central Bank of Brazil to operate as a payment institution and electronic money issuer in the country. This is good news for the cryptocurrency sector, as Brazil is one of Binance's biggest markets.
Latam Gateway serves foreign organizations in Brazil by providing payment solutions through the local currency, the Brazilian Real, and Binance is the only crypto client in its books. The growth of cryptocurrency in Brazil is evident, but there have been some issues with compliance and regulation, including an investigation into Binance by Brazilian authorities for allegedly assisting customers to get around a ban on crypto derivatives.
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