KuCoin Reinstates BRL Transactions Boosting Brazil's Crypto Market

KuCoin has reinstated support for Brazilian Real (BRL) transactions on its spot market, allowing users to deposit, withdraw, and trade directly in the local currency. This move underscores KuCoin's dedication to Brazil's crypto community and aligns with its broader strategy of adhering to regional compliance standards and infrastructure. The integration with Brazil’s banking system enables direct BRL trading pairs with Bitcoin (BTC), Ethereum (ETH), and Tether (USDT), along with fee-free deposits and withdrawals during the promotional period. This update simplifies fiat-to-crypto conversions and eliminates currency exchange fees, which is particularly beneficial in a country where crypto is increasingly seen as a hedge against inflation and currency volatility.

Brazilian users can now hold BRL balances on KuCoin and transact via PIX, Brazil’s widely used instant payment platform. The update simplifies fiat-to-crypto conversions and eliminates currency exchange fees—an important feature in a country where crypto is increasingly seen as a hedge against inflation and currency volatility. The service is fully compliant with Know Your Customer (KYC) rules established by Brazil’s Central Bank. This regulatory alignment provides additional transparency and security for both new and seasoned crypto investors. KuCoin also aims to meet the upcoming 2025 stablecoin regulations, positioning itself as a trusted gateway into Brazil’s evolving digital asset market.

To promote the relaunch, KuCoin is offering several incentives. The top 10 users with the highest BRL deposits will share a 2,050 USDT prize pool. Users can earn up to 10 USDT by purchasing crypto with BRL. New users receive a 1 USDT reward for their first transaction. Additionally, new users benefit from zero fees on BRL top-ups and withdrawals for the first 30 days. Brazil ranks as the ninth-largest crypto market globally, with $4.69 billion in net crypto imports in Q1 2024—up 118% year-over-year. The country’s rising adoption, driven by stablecoin use and favorable regulation, is expected to generate $2.8 billion in crypto revenue by 2025.

KuCoin CEO BC Wong noted, “Latin America is a vital market for KuCoin, and our commitment remains unwavering. As the first major exchange to support BRL via PIX after the 2022 policy update, we’re proud to further our leadership in this space.” Founded in 2017, KuCoin serves more than 41 million users across trading, wallets, payments, research, and AI tools. Its accolades include recognition by Forbes as one of the ”Best Crypto Apps & Exchanges” and placement in Hurun’s ”Top 50 Global Unicorns” of 2024. The return of BRL functionality solidifies KuCoin’s strategy of tailoring services to local markets while maintaining global standards of innovation and compliance.