Binance Has Put a Halt on All Partnerships and Transactions in Brazil

• Deposits and withdrawals in Brazilian Real were halted by Binance.
• The exchange has terminated its arrangement with the regional payment gateway Capitual.
• Deposits made using Pix may take 72 hours to settle, depending on the country’s currency.

Binance suspends deposits and withdrawals in Brazil in accordance with central bank restrictions. Deposits and withdrawals in Brazilian Real have been halted by the worldwide cryptocurrency exchange. Binance has also cut ties with Pix, the Brazilian government’s payment system.

In addition, the exchange has terminated its arrangement with the regional payment gateway Capitual, which had been in existence for a year and eight months. According to a blog post published by Binance, the exchange made this choice due to the country’s central bank’s financial regulations.

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Binance informed customers that deposits made using Pix are volatile due to a regulatory change implemented by the Central Bank of Brazil (BC), but provided no other information. According to Binance, withdrawals and deposits made with Pix may take up to 72 hours to settle. According to the exchange, users can still execute peer-to-peer deposits and withdrawals.

“Binance today announces that it will switch from its current payments partner in Brazil to provide a better solution for customers while driving the acquisition process.”

Binance has not yet made public the particular rules and regulations that will govern the exchange. It would appear that Binance’s service has been banned because Pix providers have failed to comply with the Know Your Customer (KYC) criteria required by Brazilian banking regulators.

The exchange is still looking for the ideal replacement for Capitual. It further stated that Capitual would be replaced by a local payment provider with substantial experience. The announcement would also be made soon, according to the statement.

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