Latam Gateway Gains Central Bank Approval
Latam Gateway, the payment service provider for Binance in Brazil, has been granted authorization from the country’s Central Bank to operate as a payment institution and electronic money issuer, according to reports from local media on May 19.
This development further cements Brazil’s position as one of Binance’s key global markets, as the exchange continues to expand operations across Latin America.
Strategic Role in Binance’s Operations
Latam Gateway acts as Binance’s primary payment facilitator in Brazil, enabling users to convert between the Brazilian real (BRL) and cryptocurrencies. The firm provides on- and off-ramp services for international companies, simplifying fiat access for digital businesses.
According to the company’s website, Binance remains its only cryptocurrency-related client in Brazil. Other notable clients include gaming platforms such as Codashop, Moedaz, and Game Hollywood.
The partnership between Binance and Latam Gateway began in June 2022, following the end of Binance’s previous collaboration with Capitual.
Growing Crypto Market in Brazil
With a population nearing 214 million, Brazil has emerged as one of the most dynamic crypto markets in the world. Binance has already launched several major initiatives in the country, including a prepaid crypto card with Mastercard in January.
The Binance Card allows users to pay for goods and services or withdraw funds from ATMs using over 14 crypto assets, converting crypto to fiat in real time. All cardholders are required to meet full Know Your Customer (KYC) requirements.
Competition Heats Up
Other global exchanges are also strengthening their presence in Brazil. Coinbase, for example, expanded its local operations earlier this year through partnerships with domestic payment providers, enabling crypto purchases and BRL deposits and withdrawals.
Coinbase first entered the Brazilian market in 2021, establishing a technology hub to support its Latin American expansion.
Regulatory Oversight Tightens
While crypto adoption is booming in Brazil, regulators are increasing scrutiny of exchange operations. Binance is reportedly under investigation by Brazilian authorities for allegedly helping users bypass a stop order related to cryptocurrency derivatives.
The Brazilian Securities and Exchange Commission issued a ban on derivatives trading involving crypto in 2020, classifying such instruments as securities under national law.
Documents from the ongoing probe suggest that Binance may have provided Portuguese-language instructions on how to access its Futures platform, despite the official restriction. Similar investigations have been initiated by Canadian and U.S. regulators.
