KuCoin Exchange Resumes Operations in Brazil with Focus on Spot Trading
Cryptocurrency exchange KuCoin has relaunched its services in Brazil, enabling deposits and withdrawals in Brazilian Real (BRL) via Pix, according to reports. The exchange, originally founded in 2017, had previously operated in the country before pausing its activities.
KuCoin boasts a listing of over 1,000 cryptocurrencies and more than 1,300 trading pairs.
“Latin America is a vital market for KuCoin, and our commitment remains unwavering. We are dedicated to providing Brazilian traders with an exceptional trading experience. As the first major exchange to offer real transfers via PIX after the Central Bank of Brazil’s policy updates in 2022, our current resumption of transactions with real balance further highlights our leadership in innovation and regulatory alignment,” stated BC Wong, CEO of KuCoin.
Originally founded in China, KuCoin relocated after the Chinese government’s ban on cryptocurrency-related businesses. The exchange is now headquartered in Seychelles, with an office in Hong Kong, and claims to have 41 million registered users.
Spot Market Focus
KuCoin is emphasizing its focus on the spot market for Brazilian clients. This means that the platform will not offer services for futures trading in Brazil.
In addition to Pix deposits and withdrawals, bank transfers are also supported, facilitating the trading of Bitcoin, Ethereum, and Tether in BRL.
The company stated that it operates in Brazil “with full compliance with the KYC requirements of the Central Bank, ensuring a regulated trading environment.”
KuCoin highlights Brazil’s position as the ninth-largest market globally in terms of trading volume, attracting companies in the cryptocurrency sector. The exchange also acknowledges the ongoing legislative process that could introduce stricter regulations for stablecoins in the country, suggesting that this process could enhance market confidence.
Promotional Offers
To celebrate its return to the Brazilian market, KuCoin has launched several promotional offers for cryptocurrency investors.
One promotion is a recharge contest, where the top ten users with the largest BRL deposits will share a prize pool of 2,050 USDT.
Another incentive allows users to earn up to 10 USDT when making purchases with BRL. New users who make purchases will receive a 1 USDT bonus and enjoy free deposit and withdrawal fees for one month.
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