Binance Pay Enters Brazil: Introduces Contactless Crypto Payments for the Brazilian Market

<p>The cryptocurrency exchange Binance has rolled out its
Binance Pay service to the vibrant Brazilian crypto market. This initiative aims to provide the Brazilian users with a cryptocurrency
payment option that transcends the boundaries of the traditional market.</p><p>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.</p><p>Binance
Pay's Brazilian Debut </p><p>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 <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/">cryptocurrencies</a>.</p><p>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.</p><p>According to Nazar,
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."</p><p><a href="https://www.financemagnates.com/cryptocurrency/binance-loses-major-eur-banking-partner-amid-regulatory-concerns/" target="_blank" rel="follow">Finance
Magnates</a> reported
yesterday (Tuesday) that Binance.US, the American counterpart of the global
crypto exchange giant, had <a href="https://www.financemagnates.com/cryptocurrency/on-ramp-services-binanceus-taps-moonpay-as-new-payments-provider/" target="_blank" rel="follow">partnered
with MoonPay</a>, a prominent
<a href="https://www.financemagnates.com/terms/p/payments/">payments</a> 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.</p><p>Navigating Regulatory
Challenges</p><p>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.</p><p>Meanwhile, Binance is
facing a significant setback in European operations as it <a href="https://www.financemagnates.com/cryptocurrency/payment-processor-woes-lead-binance-to-limit-european-transactions/" target="_blank" rel="follow">announces
the suspension</a> of
Single Euro Payments Area (SEPA) transfers three days ago. This unexpected halt
has left European users grappling with a sudden disruption to their ability to
make Euro payments.</p><p>The decision to suspend
SEPA transfers comes in the wake of Binance's banking partner Paysafe
Solutions, <a href="https://www.financemagnates.com/cryptocurrency/binance-loses-major-eur-banking-partner-amid-regulatory-concerns/#:~:text=Binance%20Loses%20Major%20EUR%20Banking%20Partner%20amid%20Regulatory%20Concerns,-Thursday%2C%2029%2F06&amp;text=Paysafe%20will%20halt%20support%20for,concerns%20raised%20by%20the%20FCA." target="_blank">deciding
to withdraw its support for the exchange</a>. 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. </p>

This article was written by Jared Kirui at www.financemagnates.com.