KuCoin – the world’s five-largest cryptocurrency exchange – has announced that it has officially become the first major crypto service provider to support deposits and withdrawals using the Brazilian Real (BRL). The introduction comes shortly after the new policy of the Central Bank of Brazil came into force.
The KuCoin exchange has partnered with Brazilian payment gateway Capitual in the strive to allow local users to make BRL deposits and withdrawals using the government-backed PIX payment system. The move makes KuCoin the first crypto exchange on the market to empower investors from Brazil with such BRL payment channels.
The recent round of regulations introduced by the Central Bank of Brazil imposes deadlines on requirements before local users regarding updates to identity verification processes, namely Know Your Customer (KYC). The new KYC procedure is a requirement for all exchanges intending on using BRL payment service. Platforms and exchanges that fail to abide by the new regulation will be forced to refrain from continuing to support BRL transactions and related services for users from Brazil.
“As crypto going to the mainstream, fiat to crypto service remains the biggest barrier to onboard more 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 launch more features like fiat trading pairs to help South American investors trade crypto in an easy and compliant way,” as Johnny Lyu, the CEO of KuCoin, commented on the partnership with Capitual.
The KuCoin exchange has been rapidly expanding on the Brazilian market since the beginning of 2022, resulting in significant increases in its local user numbers. The airdrop event, announced recently, is one of the exchange’s latest initiatives aimed at attracting new entrants into the crypto market through bonus giveaways.
KuCoin also recently released the Into The Cryptoverse Report on Brazil, which states that Brazil is becoming one of the fastest-growing markets for cryptocurrency users. The statistics provided in the report indicate that around 34.5 million Brazilians are crypto investors. Such figures correspond to around 26% of the country’s population from 18 to 60 years of age. Other insights provided in the report reveal that 64% of responders are intent on continuing their investments, while 21% are expressing interest in the decentralized industry.