Latam Gateway, a payment provider for Binance in Brazil, has received a license from the Central Bank of Brazil to act as a payment institution and electronic money issuer within the country. This news is a positive move in the right direction for Binance, as Brazil represents one of its biggest markets. According to Bitcoinist, the partnership between Latam Gateway and Binance began in June 2022, after Binance’s alliance with Capitual, another payment provider in Brazil, ended. At present, Binance is Latam Gateway’s only crypto client. Latam Gateway’s headquarters, located in Maringa, provides payment solutions using the Brazilian Real for foreign businesses in Brazil. The company’s other clients include Codashop, Game Hollywood, and Moedaz. Brazil’s cryptocurrency sector has also seen rapid growth, with cryptocurrency exchanges playing a key role. For instance, Binance partnered with Mastercard to launch a prepaid crypto card earlier this year to allow Brazilians to transact and pay bills with over a dozen crypto assets. Coinbase, the world’s second-biggest exchange, has also been making conscious efforts to promote crypto transactions with local payment providers. However, Binance is currently being investigated by Brazilian authorities for allegedly aiding customers in circumventing a ban on crypto derivatives.