Changpeng “CZ” Zhao-led crypto exchange Binance has reportedly set up two new Brazil-based facilities, with the goal of accessing the nation’s emerging crypto market – over 34.5 million crypto reported.

Specifically, Binance has finalized the establishment of the offices in São Paulo and Rio de Janeiro, with over 150 staff to be spread throughout the firm’s operations in the country.

“The exchange operates in full compliance with the Brazilian regulatory landscape and believes that regulation is the only way for the digital asset industry to grow and reach the general public, allowing more people to enjoy the benefits that cryptocurrencies and blockchain offer”. 

Binance reportedly claimed that it has been putting in efforts towards its Brazilian expansion since CZ initially paid the nation a visit in March, with the firm doubling the size of its team concentrating on the country since then.

In September, Binance also organized a series of crypto and blockchain workshops for law enforcement agencies in Brazil and Argentina, to offer assistance in the identification and combat against crypto crime, suggesting it may hold a decent relationship with Latin American regulators.

The firm has notably increased its focus on working with regulators following a spate of regulatory reviews and investigations from numerous government agencies last year.

Brazil seems to be a hotspot for extra development, with blockchain research entity Chainalysis recently ranking the nation seventh on the 2022 Global Crypto Adoption Index report.

The firm ranked Brazil just two places behind the United States and five places ahead of its Latin-American counterpart Argentina.