Binance Announces Resumption of PIX and Reais Withdrawals via New Payments Partner

Binance, one of the largest crypto exchanges, announced this Friday, the 24th, that it will resume withdrawals in Reais for the exchange’s customers in Brazil. Withdrawals and deposits in Reias had been suspended for more than a week due to the company’s problems with Banco Capitual, which was a partner of the exchange as a payment provider.

The Capital suspended transactions for Binance claiming to comply with a determination by the Central Bank of Brazil regarding the individualization of accounts, which would not have been fulfilled by Binance. The exchange claimed that the procedure would be a violation of its privacy policy and could put customer data at risk.

Due to the impasse, Binance had announced, about 7 days ago, the termination of the partnership with Capitual and the search for a new payment partner to enable customers’ withdrawals and deposits in Reias.

As part of this initiative, the exchange announced a new partnership with Brazilian Latam Gateway as its new payments partner, replacing Capitual, which no longer offers services to users since last week.

“With the exchange, Binance will offer a better solution for clients, while conducting the process of acquiring local brokerage Sim;paul, a company authorized by the Central Bank and the Securities and Exchange Commission (CVM), announced in March,” he said. the company to Cointelegraph.

Although unknown to the general public, Latam Gateway provides payment services in Brazil to global companies in different sectors, such as e-commerce, games and payment aggregators. Among the company’s customers are Steam, Riot Games and Electronic Arts.

The company was created in 2019 by executives with more than 15 years of experience in payments, having founded Boa Compra in 2004, later sold to PagSeguro.

Withdrawal resumption and PIX

According to the company, the integration process with Latam Gateway will be completed soon, when transactions (deposits and withdrawals) will be fully normalized. Withdrawal and deposit operations with PIX will also resume.

The company also reported that currently, for both deposits and withdrawals, users can transact through Binance’s P2P system. For direct purchase of cryptocurrencies, Binance has Pix and bank transfers available through an alternative provider.

For withdrawals, there is a “sell to card” option available for Visa. If in doubt, users can access Binance support on this page or via official chat.

“Brazil is an extremely relevant market for the company and it will continue to invest and expand services for local users, as well as contribute to the development of the blockchain and crypto ecosystem in the country”, highlighted the company.

Position of the Capital

In an official note sent to Cointelegraph, Capitual informs that the services provided to the international exchanges with which it has a partnership are operating normally, so the information that it interrupted operations for Binance is not valid.

The bank explains that in response to a determination by the Central Bank, Capitual has worked in the last two months to adapt its technological platform to improve and individualize the process of verifying the identity of users for payments in Reais, with the objective of reinforcing controls and greater security in operations involving cryptocurrencies.

“This adjustment came into force on 6/16 and complies with the notification received by the Capital from its partner Banco Acesso, as determined by the Central Bank. The content is based on Circular No. 3,978/20 of the Central Bank, which provides for procedures and internal controls to be adopted by institutions aiming to prevent the use of the financial system for the practice of money laundering and terrorist financing crimes”, states the note

Also according to the note, the partner exchanges KuCoin and Huobi have adapted their systems to the changes that have taken place on the Capitual platform and the services provided to their users in transactions with reais happen regularly. In the case of Binance, there was no such suitability.

“Capitual guides its performance by complying with legislation and requests from regulatory bodies and is committed to measures to combat money laundering and financing of illicit activities in the cryptocurrency market. In this way, it understands that the requirements of regulatory bodies, such as the Central Bank, are mandatory for its operation and that of its commercial partners”, concludes the note

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