The global cryptocurrency exchange KuCoin announced that it has become the first major exchange to support Brazilian Real (BRL) deposits and withdrawals following a recent policy change made by the Central Bank of Brazil.
To ensure fiat to crypto transactions are secure and comply with regulations, the Central Bank of Brazil has imposed a deadline to update users’ identity verification process to use BRL payment services. Exchanges that failed to meet the new KYC (Know Your Customer) requirement will have to terminate BRL transaction services for Brazilian users.
Through the partnership with the local payment gateway Capitual, KuCoin managed to become the first global crypto platform that allows the local investors to transfer in and out BRL via PIX, the payment system backed by the government.
Johnny Lyu, the CEO of KuCoin, said: “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.”
According to KuCoin’s Into The Cryptoverse Report, Brazil is one of the fastest-growing crypto markets globally. About 34.5 million Brazilians, which accounts for 26% of the population aged 18 to 60, are active crypto investors. 64% of crypto 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 crypto beginners, KuCoin is hosting a special airdrop event, giving away a welcome bonus to all new Brazilian users.
