The cryptocurrency exchange, Binance has rolled out its Binance Pay service to the vibrant Brazilian crypto market. This initiative aims to provide Brazilian users with a cryptocurrency payment option that transcends the boundaries of the traditional market.
With support for more than 70 cryptocurrencies, including popular ones like Bitcoin (BTC), BNB, Ether (ETH), and USDT, Binance Pay aims to bring a comprehensive range of digital assets to the Brazilian market, the exchange said.
Binance Pay's Brazilian Debut
According to a blog post published by the company, Binance Pay charges no transaction fees. Additionally, the service gives merchants the flexibility to receive payments either in Brazilian Real or directly in cryptocurrencies.
The impact of Binance Pay's entry into the Brazilian market is underscored by its initial partnerships. Collaborating with Weo Games, a pioneering gaming store, featuring games, such as Free Fire, Valorant, League of Legends, and WordPress with its e-commerce plugin WooComerce.
According to Nazar, the General Manager for Binance in Brazil: "Payment is one of the most popular use cases of crypto, which has seen a continuous increase in adoption. We expect this launch to be especially relevant for businesses in Brazil, as the country registers one of the highest crypto adoption increase rates."
Finance Magnates reported yesterday (Tuesday) that Binance.US, the American counterpart of the global crypto exchange giant, had partnered with MoonPay, a prominentpayments provider. Through this collaboration, MoonPay facilitates fiat payments for on-ramp services on Binance.US. This service includes the acceptance of USD payments through debit and credit cards.
Navigating Regulatory Challenges
The partnership with MoonPay is a significant step for Binance.US, especially in light of the recent regulatory hurdles and challenges the exchange has faced. Regulatory concerns prompted Binance.US to reevaluate its services, resulting in a pivot towards a crypto-only exchange model.
Meanwhile, Binance is facing a significant setback in European operations as it announced the suspension of Single Euro Payments Area (SEPA) transfers three days ago. This unexpected halt has left European users grappling with a sudden disruption in their ability to make Euro payments.
The decision to suspend SEPA transfers comes in the wake of Binance's banking partner Paysafe Solutions, deciding to withdraw its support for the exchange. Paysafe's exit from its partnership with Binance added to the series of challenges that the exchange has been facing, including regulatory scrutiny and concerns over its banking partnerships.
This article was written by Jared Kirui at www.financemagnates.com.
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