KuCoin has resumed Brazilian Real (BRL) fiat balance transactions on its spot trading platform, strengthening its footprint in Brazil’s rapidly expanding crypto market.
Announced on July 22, the update allows users to hold BRL in their KuCoin accounts, deposit and withdraw funds via PIX or local bank transfers, and trade top cryptocurrencies like Bitcoin, Ethereum, and Tether directly using BRL.
This service relaunch aligns with the Central Bank of Brazil’s Know Your Customer (KYC) regulations, ensuring a more secure and compliant trading environment. By integrating PIX, Brazil’s instant payment system, KuCoin is offering faster, lower-cost transactions that eliminate currency conversion fees —a key feature for users seeking seamless access to digital assets.
Building on its early move in 2022 to support BRL transfers via PIX, KuCoin is positioning itself as a first mover in the region. CEO BC Wong emphasized Latin America’s strategic importance and reaffirmed KuCoin’s commitment to Brazilian users. He noted that the platform’s regulatory alignment and infrastructure upgrades highlight its long-term strategy in the country.
To further accelerate user adoption, KuCoin is rolling out a suite of incentives. These include a top-up ranking contest with a 2,050 USDT prize pool for the top BRL depositors, a large purchase bonus of up to 10 USDT, a 1 USDT reward for first-time crypto buyers, and zero fees on BRL deposits and withdrawals for new users during their first month.
This move comes as Brazil solidifies its position as the ninth-largest crypto market globally, with $4.69 billion in net crypto imports in Q1 2024 alone, representing a 118% year-over-year increase. Projections show the market could generate $2.8 billion in revenue by 2025. KuCoin’s BRL support directly targets this growth, offering simplified fiat-to-crypto transactions and boosting user confidence through compliance.
In addition, KuCoin has recently completed its latest Proof of Reserves (PoR) audit, which was independently verified by blockchain security firm Hacken. The audit confirms KuCoin maintains over 100% of user liabilities across all major assets, marking the exchange’s 32nd consecutive month of full collateralization.
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