Coinbase Gets Closer To Buying Brazil’s Largest Crypto Exchange

Coinbase gets closer to buying Brazil’s biggest crypto exchange and will likely finalize the deal in the upcoming days following year-long negotiations so let’s read further in today’s latest Coinbase news.

Coinbase gets closer to buying Brazil’s biggest crypto exchange – 2TM. According to a local newspaper, the leading US exchange will acquire 2TM and the latter is a holding which controls the biggest crypto brokerage in Latin America – Mercado Bitcoin.

According to the reports, the talks started last year and were part of Coinbase’s overall push to expand its operations. The officials from both companies haven’t commented on the announcement. The city of Rio de Janeiro the country’s third-biggest state was reported to accept crypto payments for taxes. Commenting on the matter, was the CEO of Binance Changpeng Zhao who said:

“Nine days ago, I made a handshake deal with mayor Eduardo Paes. Rio De Janeiro will accept crypto for tax payments and Binance will open an office in Rio. He’s done his part. We are working on ours.”

As recently reported, Citing compliance with local jurisdictions, Coinbase announced it to be collecting furhter information from users based in Japan, Singapore, and Canada. Effective from April 1^st, Coinbase users from these countries will have to provide more information while sending crypto to a different non-coinbase platform. Coinbase will track crypto transfers but the Japanese and Singaporean investors will have to share further information about the recipients unless they send less than $801 as they will be exempted from the requirement.

As shown in the screenshots, Canadian users will have to share the full name and the residential address of the recipient, and the users in Canada that suffice the two conditions will require to provide the recipient’s information while transferring the funds between their own wallets. On the other hand, Japanese and Singaporean regulations will require Coinbase to collect info about the recipients from the investors for every single off-platform transaction with a minimum threshold.

Coinbase added Cardano staking rewards to its platform and has been on a listing spree over the past year, adding, ApeCoin and Wrapped Centrifuge as well. It is also buffing up the staking options while announcing that it now offers to stake for ADA which is the native crypto of the Cardano blockchain.