A place for a banker – Binance is offering a seat on its board to a former Brazilian finance minister. The cryptocurrency exchange thus strengthens its system to conquer the South American market.
Who is Henrique Meirelles?
He was the finance minister of Sao Paulo State, in Brazil. He has headed the central bank for eight years under the presidency of Luiz Inacio Lula da Silva until 2011.
Henrique Meirelles was also the brazilian finance minister for two years, under Michel Temer. He could join Luiz Inacio Lula da Silva’s presidential team if he wins the presidential elections next October.
In view of his experience, Henrique Meirelles is thus included in the list of personalities in the country, who have an in-depth knowledge of public finance policies in Brazil, and in particular of the regulation of the financial institutions that operate there.
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A former minister on Binance’s board
According to TheBlock media, Binance just welcomed Henrique Meirelles on its board of directors. The cryptocurrency exchange is carrying out strategic maneuvers in Brazil this year, to strengthen its presence in the country.
The expertise and network of the former Brazilian central banker and finance minister should help Binance adapt to changes in national regulations. A cryptocurrency bill was to be debated in Brazil’s House of Representatives last August.
This debate and a possible adoption of the bill could however be postponed. after the next presidential elections.
Binance in Brazil: an adventure to the rhythm of samba and challenges
Brazil today seems to be an essential major market for crypto giants. Binance has been trying to make its way there for years, weathering the regulatory bumps and navigating other challenges.
In 2020, the Brazilian SEC known as CVM, for example, issued an order against Binance’s crypto derivatives offering, which would be a securities unauthorized.
Besides these regulatory issues, the crypto exchange has recently had to deal with operational issues, regarding its payment partner in the country.
Major cryptocurrency exchanges are increasing their efforts to recruit regulatory heavyweights. Binance can now count on the support of the former Brazilian finance minister, Henrique Meirelles. FTX US Derivatives has meanwhile set its sights on a former CFTC commissioner.
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