Latam Gateway acts as an intermediary for foreign companies in the country, ensuring the conversion of foreign currencies into Brazilian real and vice versa.
The only Latam Gateway cryptocurrency client in Brazil is the Binance trading platform.
The exchange began working with this payment provider in June 2022, when it stopped cooperating with another local provider of similar services, Capitual.
The exchange even had to temporarily suspend withdrawals and withdrawals in local currency, but the problem was soon resolved through a partnership with Latam Gateway.
The acceptance of cryptocurrencies by Brazilian society is growing, so cryptocurrency exchanges are looking to expand their operations here, as well as in the rest of Latin American countries.
A few months ago, Coinbase CEO Brian Armstrong suggested that political leaders in Brazil and Argentina legalize bitcoin for cross-border payments.
Binance executives revealed plans to open two offices in Brazil in 2022.
Binance later partnered with Mastercard to launch a prepaid card here that locals can use to make transactions with cryptoassets.
Nevertheless, Binance is under scrutiny by Brazilian authorities, who suspect that the exchange is helping customers circumvent a ban on investing in crypto derivatives.