Binance Suspends Transactions and Partnership in Brazil

Binance halts deposits and withdrawals in Brazil, following central bank policies. The global cryptocurrency exchange has suspended deposits and withdrawals in the Brazilian Real. Binance has also stopped its collaboration with Pix, the Brazilian government’s payment system.

The exchange has also suspended its agreement with the regional payment gateway Capitual, which had been in place for a year and eight months. A blog post released by Binance states that the financial policies of the country’s central bank caused the exchange to move forward with such a decision.

Binance told users that deposits using Pix are experiencing volatility as a result of a regulatory change by the Central Bank of Brazil (BC), but did not provide any other information. Withdrawals and deposits made using Pix might take up to 72 hours to settle, according to Binance. Users may still conduct peer-to-peer deposits and withdrawals, according to the exchange.

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 declared the exact policies that are affecting the exchange. The suspension of Binance’s service reportedly comes as a result of Pix providers’ failure to comply with Know Your Customer (KYC) criteria imposed by the Brazilian banking regulators.

The exchange is still looking to find the best alternative to replace Capitual. It also wrote that it would replace Capitual with a local payment provider with extensive experience. It also added that the announcement would be made soon.