Global cryptocurrency exchange KuCoin announced today that it has become the first major exchange to accept deposits and withdrawals in reais (BRL) following a recent policy change made by the Central Bank of Brazil.
To ensure that cryptocurrency transactions are secure and comply with regulations, the Central Bank of Brazil has imposed a deadline to update the user identity verification process for BRL payment services. Brokers that do not comply with the new KYC (Know Your Customer) requirement will have to terminate BRL transaction services for Brazilian users.
By partnering with local payment gateway Capitual, KuCoin has become the first global cryptocurrency platform that allows local investors to transfer and receive BRL via PIX, the premier government-backed payment system.
Johnny Lyu, CEO of KuCoin, said: “As cryptocurrencies become the mainstream, fiat service for cryptocurrency remains the biggest barrier to onboarding even more new adopters. We are proud to be the first exchange to comply with the new PIX regulations and support our Brazilian users to deposit and withdraw BRL normally. We will soon be releasing more features like trading pairs to help South American investors trade cryptocurrencies in an easy and compliant way.”
According to KuCoin’s Into The Cryptoverse Report, Brazil is one of the fastest growing cryptocurrency markets in the world. About 34.5 million Brazilians, representing 26% of the population aged 18 to 60, are active investors in cryptocurrencies. 64% of cryptocurrency investors are looking to increase their investments, while another 21% are considered crypto-curious.
Since the beginning of 2022, KuCoin has been experiencing significant growth in the Brazilian market, and to reward cryptocurrency beginners, KuCoin is holding a special airdrop event, giving a welcome bonus to all new Brazilian users.
Launched in September 2017, KuCoin is a global cryptocurrency exchange based in Seychelles. As a user-oriented platform focused on inclusion and outreach to community action, it now offers more than 700 digital assets. Kucoin provides spot trading, margin trading, P2P fiat trading, futures trading, staking and lending services to its 18 million users in 207 countries and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round with a total valuation of $10 billion. KuCoin is currently one of the top 5 cryptocurrency exchanges according to CoinMarketCap. Forbes also named KuCoin as one of the best cryptocurrency exchanges in 2021. In 2022, The Ascent named KuCoin as the best crypto app for enthusiasts.
To learn more, visit https://www.kucoin.com.
Warning: This article is for informational purposes only and does not constitute investment advice or an offer to invest. CriptoFácil is not responsible for any content, products or services mentioned in this article.
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