Binance to Open New Offices in Brazil
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Binance has been the target of compliance scrutiny in the past and is taking no chances with its new venture into Brazil. As such, the crypto exchange announced the purchase of Sim;paul Investimentos in March to allow it essentially becomes a regulated payment provider in Brazil.
Commenting on the move, Matthew Shroder, the global vice president and regional director at Binance, noted: “We are being proactive to ensure that even before the new regulations go into effect, we meet the prerequisites to operate as a crypto exchange.”
Meanwhile, the Brazilian cryptocurrency bill is yet to be discussed in Congress since it was introduced last year due to the upcoming general elections in October.
Shroder further hinted at the possible launch of a MasterCard product that would allow Brazillian users to pay for goods at their favorite merchants using cryptocurrency linked to their debit card. Drawing similarities from a previous launch in Argentina, the Binance executive noted:
“The first results we are seeing in Argentina are that the product is being very successful. We are evaluating what the next markets will be… But given the size of the Brazilian market and its importance to Binance, Brazil is undoubtedly at the top of the list of upcoming markets for this product.”
Key Binance Coin Levels to Watch — September 21
Binance Coin (BNB), while in a sideways consolidation over the past few days, remains on a bearish bearing on the larger time frame. The continues to battle the $272.00 mark to no avail, as bears seek to push it back under the descending channel.
That said, a bearish resumption is expected to get thrown into the mix in the coming hours and days after the US Fed delivered another 0.75% rate hike a few minutes ago. This decision spurred a massive sell-off of the instrument, as seen with the volume bar, adding more pressure to the already bearish cryptocurrency.
That said, the $240.00 should be the primary bearish target in the near term.
Meanwhile, my resistance levels are $272, $280, and $290, and my support levels are $260, $250, and $240.
Total Market Capitalization: $930.5 billion
Binance Coin Market Capitalization: $43.5 billion
Binance Coin Dominance: 4.67%
Market Rank: #5
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