Huobi Global, one of the world’s leading cryptocurrency exchanges, jointly announced an account individualization plan for its Brazil-based users with Brazilian payments gateway Capitual. This move aims to upgrade Huobi Global’s security measures and provide more secure and compliant fiat-to-crypto gateway services to Huobi Global’s users in Brazil.
This announcement follows the Brazilian Central Bank’s new regulation in May, requiring local banks and payment intermediaries to update Know Your Customer (KYC) processes for greater security and to prevent money laundering.
Under this regulation, users must have an individual account confirmed with local banks and payment intermediaries to transact in Brazilian Real. It applies to both business and personal accounts.
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“This KYC policy upgrade is part of our ongoing efforts to manage risks and security incidents. Compliance and users’ asset security have always been our top priorities, which is the reason we have maintained a track record of zero security incident in the nearly 9 years since our inception. We are determined to work closely with Capitual to provide more secure, professional and compliant services to our users in Brazil,” said Lily Zhang, CFO of Huobi Group.
Capitual has developed a robust technology platform capable of processing a large volume of transactions involving cryptocurrencies simply, quickly and securely. “In addition, we are committed to compliance with legislation. In this way, we offer an environment of security and tranquillity for our business partners and their users to carry out their operations, in accordance with the requirements of the Brazilian regulatory authorities,” says Gustavo Rezende, COO of Capitual.
Cryptocurrency acceptance in Brazil has been growing progressively in recent years. According to the central bank’s data, the country’s cryptocurrency market was worth about US$6 billion in 2021 – up81.8% over the previous year.
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In step with the growth of the crypto industry, Capitual has been supporting cryptocurrencies since 2018, as it expanded its business in the national territory. It has 2.5 million customers who transacted over 40 billion across more than 15 million transactions in Brazil last year.
Since 2021, Huobi Global has been partnering with Capitual to offer fiat-to-crypto gateway services to its users in Brazil. Under the current “Full Bank” model of account individualization, users of both Huobi Global and Capitual can enjoy a more direct, seamless and convenient bank transfer system.
As Huobi Global is seeing a rapid growth of its user numbers in Brazil, it is looking to deepen its partnership with Capitual, according to Lily Zhang.
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