Registered crypto users in Brazil are increasing at a consistently steady pace, despite the bear market rearing its ugly head.

Based on latest data, the South American country has tallied more than 1 million registered crypto accounts for the month of July alone, adding to its nearly 35 million users, Brazilian tax authority Receita Federal disclosed.

The figure is one reason why global cryptocurrency exchange Binance has officially inaugurated two new offices in the country.

The Changpeng “CZ” Zhao-led crypto exchange seeks to expand its presence in South America, where a number of corporations have added digital asset trading services to their portfolios in recent months.

After announcing new locations in Sao Paulo and Rio de Janeiro on October 3rd, Binance has hired more than 150 people to work in both cities.

According to a Binance announcement, many of these workers would be devoted to helping the exchange’s customers.

JUST IN: #Binance opens two offices in the Brazilian cities of Sao Paulo and Rio de Janeiro.

— Watcher.Guru (@WatcherGuru) October 3, 2022

Binance Boosts Brazil’s Crypto Landscape

Binance, the world’s biggest crypto exchange in terms of trading volume, has had Brazil on its crosshair for months.

Reportedly, business executives have met with government officials, and in March, Binance signed a memorandum of understanding (MOU) to buy Simpaul Investimentos, a local securities brokerage.

Binance says that Brazil is one of its top 10 worldwide markets and its largest market in Latin America. The country ranks No. 7 on Chainalysis’ latest Global Crypto Adoption Index.

In its release, the cryptocurrency exchange stated that Binance works “in complete conformity with the Brazilian regulatory landscape.”

The company added that it 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.”

Brazil: A Booming Crypto Hub

According to Statista.com, Sao Paulo had the highest population of any Brazilian city in 2021, as well as the highest number of companies using Bitcoin ATMs or in-store payment method.

Based on data by the open-source information, Sao Paulo has a comparatively high number of these firms, notably in comparison to Rio de Janeiro, a city with roughly half the population of Sao Paulo but just 20 percent the number of businesses.

Brazil is still awaiting comprehensive digital currency regulation, as pending legislation hangs in the lower chamber of the country’s legislature.

In the past year, a number of prominent digital banks have incorporated virtual asset trading services. These lenders include Mercado Libre, Nubank and BTG Pactual.

Meanwhile, as part of its global law enforcement training program, Binance also announced on Monday that it has inked a memorandum of understanding with the Financial Monitoring Agency of Kazakhstan.

Crypto total market cap at $917 billion on the daily chart | Source: TradingView.com

Featured image from KimKim, Chart: TradingView.com