Binance Resumed Local Currency Deposits With Brazil’s PIX

Binance resumed local currency deposits with the Brazilian PIX payment system after being suspended for a while now so let’s read more today in our binance news.

Binance resumed local currency deposits and the withdrawals should be resumed shortly according to the company. The global exchange Binance resumed deposits in the Brazilian real via the government’s payment system PIX. The real withdrawal via Pix is suspended and should resume shortly on June 17, the company suspended these options after it terminated a partnership with the local payemnt company Capitual which operated the exchange’s deposits and withdrawals via Pix since 2020.

Replacing Capitual, Binance will be operating with the Brazillian payments platform Latam Gateway that will use the bank accounts hosted by BS2 which is listed by the Central Bank of Brazil to access the network of Pix. When it severed the relationship, Binance said it will take legal action against Capitual without giving out too many details while Capitual stated that it will sue Binance because it failed to comply with the regulation and required the exchange to single out user accounts.

According to the newspaper reports, a company that had one of the Capitual founders as a partner helped launder money for Gladson Acacio dos Santos who is known as the “Bitcoin Pharoah” and is under arrest for leading a criminal organization that was responsible for promoting Ponzi schemes that involved crypto. The local newspaper Valor Economico published that the court of Justice in Sao Paolo blocked 451.6 million Brazilian reais from the Capitual accounts that actually belonged to Binance clients.

In a statement, Binance said that the Capitual actions conflicted with the values and assured that it took all necessary measures in relation to Capitual to protect the users and their funds.

As recently reported, Binance signed a memorandum of understanding with the Securities and Exchange Regulator of Cambodia as per the latest announcement and both Binance and SERC will work together to develop digital assets regulations in the country. Binance assists Cambodia while SERC is looking to leverage its technical expertise and experience in the field to develop a legal framework for the digital asset market.