Changpeng Zhao was in Brazil last week, meeting with all of the country’s main stakeholders. Binance is undoubtedly ready to send off some significant pyrotechnics in Brazil. Changpeng Zhao, CEO of the world’s largest cryptocurrency exchange, was in Brazil, South America’s largest country, last week. Zhao used the chance to meet the governors of So Paulo and Rio de Janeiro, as well as to receive a key to the city and gain their support.

Following the conversations with state authorities, CZ attended the ETH Rio conference, where he declared that the exchange has solid intentions to increase its personnel and acquire payment processors and banks in the nation.

CZ used the occasion to inform participants that Binance has recently signed a Memorandum of Understanding to acquire Brazilian securities firm Sim;paul Investimentos. In a statement on the agreement, CZ emphasized that for Binance to achieve its goals, “complete engagement with the local authorities” is required.

He mentioned on Twitter that he had just returned from the ETH Rio conference, in response to the kind reaction he had gotten. The amount of vigor and excitement. Given its population of over 200 million people and sheer size, Brazil appears to be a critical market for Binance. Brazil’s transaction volumes on Binance increased by 125 percent this year compared to 2021.

Following El Salvador’s experiment, Brazil was generally expected to be the next country to accept Bitcoin as legal cash. After the Economic Affairs Committee overwhelmingly adopted the cryptocurrency law, the country erupted in ecstasy.

The bill must still pass through the Senate and Lower Houses before it can be signed into law by the President. The bill’s contents have been praised as a positive step forward for the ecosystem since it clearly specifies what comprises virtual assets and the classification of service providers.

The crypto community is speculating that Binance will open an office in South America, with Brazil being the frontrunner.

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