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 prominent
payments 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.