Binance has hired the ex-President of Brazil’s central bank, Henrique Meirelles, to become the crypto firm’s newest member on their advisory board. Binance has been active in expanding the company’s reach across the globe, despite the continued bear market.
Mr. Meirelles served as the Economic Minister for the Brazilian and President of Brazil’s Central Bank, so he will bring a wealth of experience and help the exchange to fulfill the regulatory standards it aims to meet as it continues to expand into new countries.
Binance Continues To Expand
Prominent industry rivals, such as Coinbase, Kraken, and Gemini, have had to make significant staff cutbacks in 2022, dismissing staff and retracting job offers. The downward trend in the market has also forced some companies to look for bailouts, the case of FTX and BlockFi, and crypto firm Voyager, which is still looking for a buyer.
While many companies are looking for stability, Binance has pushed forward. The CEO Changpeng Zhao (CZ) announced in June that the company had a “health war chest” and crypto firms should look to hire during crypto winters.
Binance has also been active in expanding its services and acquiring licenses. The firm has won rights to operate in Dubai, France, Italy, and Spain in the last few months. CZ also paid visits to the Presidents of various African nations, including the Central African Republic—which made Bitcoin (BTC) an official currency this year.
Expansion Into Latin America
The exchange has also been active in increasing its presence in the Latin America region (LATAM). The tragic economic state of countries like Brazil, Argentina, and Mexico has led to the growth of digital currency as residents look for other ways to combat the seemingly incessant inflation.
Maximiliano Hinz, the director of LATAM for Binance, recently stated that the economic instability in the region has resulted in an influx of new clients: “Now that we are seeing inflation ramping up worldwide, we are seeing that more and more people are seeking cryptocurrency, like bitcoin, as a way to protect themselves from inflation.
While companies like Coinbase continue to suffer, losing their second spot in trading volume to FTX and downsizing the company by 18%, Binance and Sam Bankman-Fried’s crypto empires grow.
The price of Bitcoin today is trading below $19,000, which doesn’t show any signs of an uptrend in the market. But, for many firms, the important thing is to remain operational and hope things turn around.