Binance Suspends Deposits In Brazil After New Central Bank Policy

Binance suspends deposits and withdrawals in Brazil after a new Central Bank Policy and the suspension will apply to transfers made via the payment system Pix so let’s read more today in our latest Binance news.

The global crypto exchange Binance suspends deposits and withdrawals in Brazilian reals via the payment system Pix. The company announced in a statement that it terminated the partnership with the local payment gateway Capitual which operated the exchange’s deposits and withdrawals via Pix for a year and eight months.  On the platform, binance informed users that deposits via Pix are seeing some instability due to a policy change made by the Central Bank of Brazil without providing more details. The service blockage coincided with the end of the deadline imposed by the Central Bank for Pix providers to implement new KYC rules. The company stated that it will stake legal action against Capitual:

“Binance will replace Capitual with a local payments provider with extensive experience, which will be announced soon.”

Binance is in the process of acquiring local brokerage Sim Paul which was authorized by the Central Bank and the Securities and Exchange Commission. Binance informed the users that its withdrawals and deposits via Pix can take up to 72 hours to be cleared and the company also added that the users can make peer-to-peer deposits and withdrawals as well. This week, KuCoin works with Capitual and announced a change in the KYC policies so the company started redirecting the users in the country to the Capitual website to complete the ID verification.

As recently reported, The leading crypto exchange Binance looks to return to South Korea 17 months after the platform stopped serving traders in the country. The CEO Changpeng Zhao revealed that the company’s intentions are to come back to the country, which is the first time Zhao talked about a possible re-entry into the Korean markets in 2021.

At the time, Binance said the move was due to low usage and transaction volumes and the Korean affiliate at that time was leveraging the functionalities of its parent company including order books and liquidity as well as operations that were about to be banned in the country which is why the best option was to shut down the local exchange.