Binance To Resume Transactions For Brazilian Customers

Following an interruption in crypto transactions between the exchange and the nation’s immediate payment system Pix for over three weeks due to a change in payment systems, Binance, the exchange, stated on Thursday that it had resumed deposits and withdrawals for Brazilian users.

According to a report in local media, on June 17, Binance, The largest worldwide provider of infrastructure for the blockchain and cryptocurrency ecosystem, shut down real-world withdrawals and deposits on its platform. The company’s support says that the services would have been stopped as a result of the Central Bank (BC) of Brazil’s updated policy.

Well, the fact that Binance has suspended withdrawals is not new. However, amid a cryptocurrency market crisis on Monday, the company has also stopped allowing Bitcoin (BTC) withdrawals on its trading platform. 

The company announced on Twitter that it has temporarily halted Bitcoin withdrawals on the BTC network. Whereas withdrawals are still possible through other networks:

This is due to a stuck on-chain transaction. Our team is currently working on a solution and will provide further updates soon.

Binance Takes Decision To Halt Transactions Via Pix

Following the termination of its agreement with the regional payment gateway Capitual, which had been managing Binance’s deposits and withdrawals via Pix since 2020, Binance decided to stop accepting deposits and withdrawals through Pix.

The company stated in a statement:

It will switch from its current payments partner in Brazil to provide a better solution for customers while driving the acquisition process. from the local brokerage company Sim;paul, authorized by the Central Bank and the Securities and Exchange Commission (CVM). 

On June 24, Binance chose Latam Gateway as its new payment processor. The company has been growing its foothold in Brazil over the past several months with this type of partnership.

Latam Gateway is a provider of digital currencies with a payment account that does not have Central Bank approval but is nevertheless permitted by law to function during the transitional period. However, the business does not yet meet the requirements for the BC Payments Institution license since it only handles a small number of transactions.

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